India and Chile moved a step further toward strengthening bilateral ties as External Affairs Minister S. Jaishankar met Chilean Foreign Minister Francisco Pérez Mackenna on Wednesday to discuss trade expansion and broader cooperation between the two nations. Following the meeting, Jaishankar shared on X that he was pleased to meet Mackenna and described their talks as productive. According to him, both sides discussed ways to boost bilateral collaboration by diversifying markets and supply chains, increasing exports in priority sectors, and supporting growth in the services economy. The two leaders also agreed to enhance cooperation in plurilateral and multilateral platforms.

Union Commerce and Industry Minister Piyush Goyal held separate talks with Mackenna and members of the Chilean delegation to review the progress of the proposed India-Chile Comprehensive Economic Partnership Agreement (CEPA). Discussions focused on expanding trade, investment, and strategic cooperation between the two countries.

In a statement posted on X, Goyal said the meeting reviewed ongoing CEPA negotiations and explored opportunities to deepen economic engagement. He emphasized that India values its longstanding partnership with Chile and remains committed to strengthening trade relations, investment opportunities, and people-to-people connections for mutual growth. The proposed CEPA is expected to significantly broaden the current trade framework between the two countries. Apart from goods trade, the agreement is likely to include sectors such as digital services, investment facilitation, MSMEs, and critical minerals.

India and Chile first signed a Framework Agreement on Economic Cooperation in 2005, followed by a Preferential Trade Agreement (PTA) in 2006. The agreement was later expanded in 2016 and implemented in 2017. Between 2019 and 2021, both nations conducted multiple rounds of negotiations to further widen the scope of the pact.

Efforts toward a comprehensive trade agreement gained momentum after a Joint Study Group recommended a broader CEPA to enhance trade, exports, employment generation, and investment cooperation. The group’s report was finalized and signed on April 30, 2024. The commitment to advance CEPA negotiations was reaffirmed during the India visit of Chilean President Gabriel Boric in April 2025, when both countries officially launched negotiations for a comprehensive and mutually beneficial trade agreement.