India, Chile to start talks on comprehensive trade pact: PM

India and Chile have started discussions on a “mutually beneficial and comprehensive” trade pact, Prime Minister Narendra Modi announced on Tuesday (April 1, 2025). This comes after state-owned copper mining firms from both countries signed an agreement that will expand Chile’s access to India’s mining market.

While welcoming Chilean President Gabriel Boric Font, the Prime Minister also drew attention to current international disputes and said they should be resolved peacefully through dialogue.

“In today’s discussion, we have identified several new initiatives that will deepen the relationship over the next decade. Today we have mandated our teams to begin negotiations on a mutually beneficial comprehensive economic agreement. Cooperation on critical minerals will be a priority, necessary work will be done on resilient supply and value chains,” Mr. Modi said.

Mining Agreement

The two countries signed three memorandums of understanding and agreement during an event held at Hyderabad House and also concluded an “Agreement on Cooperation and Information Exchange between National Copper Corporation of Chile, CODELCO and Hindustan Copper Limited”.

“It will help us identify and implement joint activities, including strategic partnership in exploration of mining properties, i.e. mines, and mineral extraction through sharing of experience and knowledge, which will enable both sides to strengthen their capabilities,” said P. Kumaran, Secretary (East), Ministry of External Affairs. Chile’s state-owned CODELCO is the world’s largest copper producer and is in talks with Indian stakeholders to expand its market in India as it seeks to reduce its dependence on the Chinese market in recent years.

Gateway to Antarctica

“India is ready to share its experience in digital public infrastructure, renewable energy, railways, space and other areas,” Mr. Modi said. He also described Chile as the “gateway to Antarctica” and the two sides signed a memorandum of understanding on Tuesday (April 1, 2025) that will deepen bilateral cooperation in Antarctic exploration.

“It is a matter of luck that the Chilean people have accepted yoga as part of a healthy lifestyle. We are inspired by the fact that Chile has declared November 4 as its national day of yoga,” the prime minister said.

President Boric arrived here early on Tuesday (April 1, 2025) morning and met External Affairs Minister S Jaishankar before proceeding to Hyderabad House where the two sides sat for delegation-level talks. “We came here to consolidate seven decades of relations with India,” Mr. Boric said.

Reform of the UN Security Council is necessary

India and Chile also agreed to strengthen cooperation on international issues and disputes. Although Chile has disputes with neighbors such as Peru and Argentina, its role in crisis management has been noted in recent years due to its role in the Ukraine-Russia conflict. Boric condemned Russia’s military campaign against Ukraine and was among the participants of a peace summit in Switzerland last June. The summit, attended by 100 countries, was organized around the Ukrainian peace formula, which 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 united in the fact that a reform of the UN Security Council is necessary to resolve such crises,” Modi said.

Published – 01 April 2025 22:22 IST