India and Chile Sign Cooperation Agreement in the Asian Country

India and Chile Sign Cooperation Agreement in the Asian Country

The Bilateral Business Council Chile-India of the Industrial Promotion Society (SOFOFA) has signed an agreement with the Confederation of Indian Industry (CII) formalizing the commitment of the members of both organizations to collaboratively develop a comprehensive work plan for the period 2023-2025. This plan will encompass all actions aimed at facilitating trade between the parties.

The agreement, sealed on Tuesday in India, was led by the current President of the Bilateral Business Council, Ivan Marambio, who is also the President of the Chilean Exporters Association (ASOEX).

Marambio was appointed President of the Bilateral Business Council Chile-India last month, highlighting that “as ASOEX, we believe that this appointment is a great opportunity to showcase the fresh fruit sector within the business sectors that are part of SOFOFA. Furthermore, it’s important to note that three out of the top 11 non-copper Chilean products exported to India are fresh fruits: apples (5th place), kiwis (6th place), and cherries (11th place),” emphasized Ivan Marambio.

He added that India “is a market that has been defined as strategic for Chile and its exporting sector. It’s a market where we need to be present and grow. That’s why, in our pursuit of greater opportunities in the market, SOFOFA and ProChile organized a trip to India last June, where ASOEX, along with other national trade associations, actively participated in exploring opportunities and identifying challenges.”

SOFOFA’s President, Rosario Navarro, highlighted that “India presents itself as an attractive and promising destination for trade relations with Chile, thanks to its population of over 1.4 billion potential consumers and a growing middle class, which generates increasing demand for a variety of goods and services. Its economy, which has shown consistent growth in recent decades, provides a favorable framework for investment and export.”

Moreover, there is a significant potential to deepen the existing partial scope trade agreement between Chile and India into a more comprehensive free trade agreement, which would further facilitate trade integration between the two countries. “From the Chile-India Business Council, we are committed to facilitating and strengthening trade relations between our countries, recognizing the vast potential offered by the Indian market and working together to overcome challenges,” emphasized Navarro.

India

With approximately 1.43 billion inhabitants, India is a market of great potential for exports.

According to figures from the Undersecretariat for International Economic Relations (Subrei), Chile’s non-copper exports to India reached US$400 million in 2022, marking a 4.25% increase compared to 2021. However, these exports represent only 1.8% of Chile’s non-copper shipments to the world, indicating significant room for growth.

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