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Our Bureau

New Delhi , Jan. 20

INDIA and Chile on Thursday signed a framework agreement on economic cooperation to promote trade expansion by providing limited preferential access to each other's markets initially.

The Union Commerce and Industry Minister, Mr Kamal Nath, and the Chilean Minister of Foreign Trade Affairs, Mr Ignacio Walker, signed the Framework Agreement in the presence of the Prime Minister, Dr Manmohan Singh, and the Chilean President, Mr Ricardo Lagos.

Mr Kamal Nath said the signing of the framework pact with Chile is a part of the strategy to boost India's exports and improve its share of world trade, which is at present less than 1 per cent.

The country has of late been engaging itself with various regions/countries for preferential trading arrangement (PTA). Negotiations for PTA with Chile would start subsequent to the signing as per mutual consultations and would conclude by 2005.

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