By Vishu Adhana

New Delhi [India], November 6 (ANI): Chile on Wednesday expressed optimism that negotiations on the India-Chile Comprehensive Economic Partnership Agreement (CEPA) could be concluded by the end of this year.

In an interview with ANI, Chile Ambassador to India Juan Angulo said the two countries have common values and principles and common interests for the future, and there is great scope when it comes to trade.

Bilateral trade between India and Chile reached approximately USD 3.6 billion in the fiscal year 2024-25.

'The idea was to complete the rounds of negotiations by the end of the year -- that was our ambition. We hope to achieve that, and if not, our good faith in the process remains intact,' Angulo told ANI.

The third round of CEPA negotiations was held in Santiago, Chile, from October 27 to 30, 2025, covering a wide range of chapters, including trade in goods and services, investment promotion, rules of origin, intellectual property rights, TBT/SPS measures, economic cooperation, and critical minerals, the Indian Ministry of Commerce said.

India and Chile began their trade pact history with a Framework Agreement in 2005, which led to a Preferential Trade Agreement (PTA) in 2006, later expanded in 2016 to include more goods. The partnership is now evolving into a Comprehensive Economic Partnership Agreement (CEPA), with negotiations starting in May 2025 to broaden market access and investment across sectors such as critical minerals, technology, and services.

Angulo said the talks, which began with the first round in New Delhi, are progressing across more than 20 chapters.

'As more chapters close, we get a clearer picture of how fast we can move,' he said, expressing confidence that both sides are advancing toward a balanced and comprehensive outcome.

Highlighting Chile's strength as a reliable supplier of food and critical minerals, the envoy said his country is ready to support India's food and energy security.

'The scope for expanding trade is enormous. Chile can be one of the main providers of food security for India. We produce high-value, nutritious products that meet all sanitary standards -- and we are eager to serve India's growing and sophisticated market,' he added.

India's growing trade engagement with Chile and Peru, the Ministry noted, reflects New Delhi's strategic focus on deepening its partnerships across Latin America through mutually beneficial and comprehensive economic cooperation frameworks. (ANI)