India and Chile are preparing to sign a Comprehensive Economic Partnership Agreement (CEPA) later this summer during the expected visit of Chilean President Gabriel Boric Font to India, officials familiar with the discussions said.
Ahead of the proposed presidential visit, Minister of State for External Affairs Kirti Vardhan Singh is likely to travel to Santiago in March. Dates are being finalised. His visit is expected to focus on advancing negotiations and resolving pending issues before the proposed signing.
Formal talks for the CEPA were launched in May last year after the two sides signed the Terms of Reference. Momentum increased during President Boric’s state visit to India in April 2025, when both governments agreed to move beyond the existing trade framework.
India and Chile currently operate under a Preferential Trade Agreement (PTA) signed in 2006. The pact was expanded in 2016 and came into force in 2017. In 2019, both countries indicated their intention to broaden its scope. The ongoing negotiations aim to convert the limited tariff-based arrangement into a comprehensive trade and investment agreement.
The first round of CEPA negotiations was held in New Delhi from May 26 to 30, followed by subsequent rounds. The fourth round concluded in December. During the latest round, Commerce and Industry Minister Piyush Goyal met Chile’s Treasury Undersecretary, signalling political support for the process.
Bilateral trade between India and Chile stood at approximately $3.8 billion in 2023–24. Chile is India’s fifth-largest trading partner in the Latin America and Caribbean region. India exports pharmaceuticals, automobiles, chemicals, textiles and engineering goods to Chile, while imports are largely copper and lithium.
Officials said critical minerals have become a key focus of the negotiations. Chile is one of the world’s major producers of lithium and copper. A dedicated chapter on cooperation, investment and long-term supply arrangements in critical minerals has been included in the CEPA discussions.
Separately, Coal India Limited has explored opportunities in Chile’s mining sector as part of its diversification strategy. A company delegation recently visited Santiago and met Chilean ministers to discuss potential collaboration in critical and rare earth minerals.
Officials from both sides are working to align the remaining chapters ahead of the proposed signing during the Chilean President’s visit later this year.
