India and Chile Begin Talks for Comprehensive Trade Pact, Says PM Modi
India and Chile have begun discussions on a mutually beneficial and comprehensive trade pact, Prime Minister Narendra Modi announced on Tuesday (April 1, 2025). The announcement came after state-owned copper mining firms from both countries signed an agreement that will expand Chile's access to the mining market in India.
Welcoming Chilean President Gabriel Boric Font, the Prime Minister also spoke about current international disputes, stating that they should be resolved peacefully through dialogue.
"In today's discussion, we have identified several new initiatives that will deepen relations over the next decade. Today, we have instructed our teams to start negotiation on a mutually beneficial comprehensive economic agreement. Cooperation on critical minerals will be prioritised, and necessary work will be done on resilient supply and value chains," Mr. Modi said.
The two countries signed three Memorandums of Understanding (MoUs) and an agreement during the event held at Hyderabad House. They also concluded an 'Agreement for Cooperation and Exchange of Information between National Copper Corporation of Chile (CODELCO) and Hindustan Copper Limited'.
"It will help us identify and implement joint activities, including a strategic partnership in the sphere of exploration of mining properties, meaning the mines, and mineral beneficiation through sharing of experiences and knowledge, allowing both sides to enhance their capabilities," said P. Kumaran, Secretary (East) in the Ministry of External Affairs.
Chile's state-owned CODELCO is the world's largest copper producer and has been in talks with Indian stakeholders to expand its market in India as it tries to reduce its reliance on the Chinese market in recent years.
Mr. Modi said India is ready to share its experience on digital public infrastructure, renewable energy, railways, space, and other areas. He also described Chile as the "gateway to Antarctica" and the two sides signed a letter of intent on Tuesday that will deepen bilateral cooperation in exploring Antarctica.
"It's a matter of happiness that the Chilean people have accepted Yoga as part of a healthy lifestyle. We are inspired by the fact that Chile has announced November 4 as their national Yoga day," the Prime Minister said.
President Boric arrived in India early Tuesday morning and met External Affairs Minister S. Jaishankar before proceeding to Hyderabad House where the two sides held delegation-level talks. "We have come here to consolidate seven decades of relationship with India," Mr. Boric said.
India and Chile have also agreed to increase their cooperation on international issues and disputes. Though Chile has disputes with neighbours such as Peru and Argentina, its role in crisis-solving has been noted in recent years, particularly in the Ukraine-Russia conflict. Mr. Boric has condemned Russia's military campaign against Ukraine and was among the participants of a peace summit in Switzerland last June. The summit, which saw the participation of 100 countries, was organised around the Ukrainian peace formula that sought the complete withdrawal of Russian forces from Ukraine.
"At the global level, our two sides agree that such disputes should be resolved through dialogue. We are unanimous on the fact that in order to resolve such crises, reform in the UN Security Council is necessary," said Mr. Modi.
