India and Chile Begin Talks on Comprehensive Trade Pact

India and Chile have begun discussions on a comprehensive economic agreement, Prime Minister Narendra Modi announced on Tuesday after holding delegation-level talks with Chilean President Gabriel Boric Font at Hyderabad House in New Delhi.

Mr. Modi said the two sides had identified new initiatives to deepen their relationship over the coming decade and had instructed their teams to start negotiations on a mutually beneficial comprehensive economic agreement. Cooperation on critical minerals will be prioritised, with work to be done on resilient supply and value chains, he added.

The announcement followed the signing of three memoranda of understanding and an agreement. Among them was an Agreement for Cooperation and Exchange of Information between Chile's state-owned National Copper Corporation, CODELCO, and Hindustan Copper Limited.

P. Kumaran, Secretary (East) in the Ministry of External Affairs, said the arrangement would help the two sides identify and implement joint activities, including a strategic partnership in exploring mining properties and mineral beneficiation through the sharing of experience and knowledge, enhancing the capabilities of both countries. CODELCO is the world's largest copper producer and has been in talks with Indian stakeholders to expand its market in India, as it seeks to reduce its reliance on the Chinese market in recent years.

Mr. Modi said India is ready to share its experience in digital public infrastructure, renewable energy, railways and space, among other areas. He described Chile as the gateway to Antarctica, and the two countries signed a letter of intent to deepen bilateral cooperation in Antarctic exploration.

The Prime Minister also welcomed Chile's decision to declare November 4 as its national Yoga day, saying the Chilean people had accepted Yoga as part of a healthy lifestyle.

President Boric, who arrived in India early on Tuesday morning and met External Affairs Minister S. Jaishankar before the talks, said his visit was aimed at consolidating seven decades of relations with India.

On international affairs, the two sides agreed to increase cooperation on global issues and disputes. Mr. Modi said both countries share the view that such disputes should be resolved through dialogue, and that reform of the UN Security Council is necessary to resolve crises. President Boric has condemned Russia's military campaign against Ukraine and took part in a peace summit in Switzerland last June, which was attended by 100 countries and was organised around a Ukrainian peace formula seeking the complete withdrawal of Russian forces from Ukraine.