Goyal: India–Chile trade pact near finish line; focus on critical minerals

New Delhi: The negotiations between India and Chile for a free trade agreement (FTA) will be concluded soon, and the pact will provide greater access to critical minerals for domestic businesses, Commerce and Industry Minister Piyush Goyal said on Friday.

The South American nation has huge reserves of key critical minerals such as lithium, copper, Rhenium, Molybdenum, and cobalt. These are key inputs for electronics, auto, and solar sectors.

“We are engaged in active dialogue with many developed nations (for free trade agreements)...We will soon close the FTA with Chile. It will open up critical minerals for us,” Goyal said at an event of the Institute of Chartered Accountants of India in Greater Noida.

India and Chile implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a comprehensive economic partnership agreement.