Question: Recently an agreement on the expansion of India-Chile Preferential Trade Agreement (PTA) was signed between India and Chile .Under the expanded PTA, Chile has offered concessions to India on how many objects?
(a) 1798
(b) 1031
(c) 296
(d) 178
Ans: (a))
Related facts:
- On 6 September 2016 an agreement on the expansion of India–Chile Preferential Trade Agreement (PTA) was signed between India and Chile in a meeting held between Ms. Rita Teaotia, Commerce Secretary and Mr. Andres Barbe Gonzalez, Ambassador, Embassy of Chile.
- A Preferential Trade Agreement (PTA) between India and Chile was earlier signed on March 8, 2006 and came into force with effect from August, 2007.
- In the original PTA concluded in March 2006, India’s offer list to Chile consisted of 178 tariff lines.
- The Margin of Preference (MoP) ranging from 10%-50% at 8-digit level and Chile’s offer list to India consisted of 296 tariff lines with MoP ranging from 10% – 100% at 8-digit level.
- Under the expanded PTA, Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100%.
- India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%.
- India’s export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India.
- Among the Latin American countries, Chile was the third largest trading partner of India during 2015-16.
- India‘s bilateral trade with Chile stood at US$ 2.64 billion with exports at US$ 0.68 billion and imports at US$ 1.96 billion respectively during 2015-16(P).
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=149558
http://pib.nic.in/newsite/mbErel.aspx?relid=139004
http://www.ptinews.com/news/7841694_-India–Chile-expand-preferential-trade-agreement