New Delhi: India Tuesday asked South American nation Chile to further liberalise its visa regime to facilitate movement of professionals and businessmen.
During his meeting with Chile Foreign Affairs Minister Alfredo Moreno, Commerce and Industry Anand Sharma asked "to liberalise the business visa procedures in order to boost business relations between the nations".
"He also asked the Chilean Minister to consider the issue of long term multi-entry visa to Indian businessmen," an official statement said.
Also, both the ministers agreed to initiate the process for a Comprehensive Economic Partnership Agreement (CEPA).
"...(both the sides) agreed to process necessary approvals mandated by their respective laws in an expedited time frame, to proceed further in the matter," it said.
Currently, India and Chile have a Preferential Trade Agreement (PTA).
The PTA is slightly different from the free trade agreement (FTA). In FTA, two sides reduce or eliminate duties on maximum number of products they trade in, whereas in PTA, the tariffs are not necessarily eliminated, but they are lowered than the countries not party to the agreement.
Further, Sharma said that a Double Taxation Avoidance Agreement should be signed between the countries.
Both the leaders emphasised on increasing cooperation in sectors like IT, oceanography, pharmaceuticals, chemicals, food processing, automobiles, engineering and infrastructure, it added.
The bilateral trade between the two countries has increased to USD 2.6 billion in 2011-12 from USD 1.9 billion in 2009-10.
Source : zeenews.india.com