To increase bilateral trade, south American nation Chile is working on having in place a more comprehensive trade agreement with India.
Chilean Ambassador to India Andres Barbe today said they were planning to have this pact with India next year.
"Everything starts from political relations. And with the new government in India we are hopeful. The trade agreement would be in interest for both the countries. We have tried to explain the people in Delhi that Chile is not like China. It is a small country. We want Chilean products to come to India and Indian products to reach our markets," Barbe said at an interactive session of Bharat Chamber of Commerce.
Since 2007, India and Chile have a preferential trade agreement (PTA), but the bilateral trade has fallen to USD 2.87 billion in 2013.
"The main problem is duties. They are very high and our products can't compete with the Indian products in price," he said.
Chile's commercial attache Nestor Riveros said they want to increase the bilateral trade by seven times.
"Chile doesn't have pineapples. We need to import fruits," he said.
The Ambassador said Chile provides an attractive opportunity for Indian investors to enter Latin American markets.