India has signed an agreement with Chile to expand the India- Chile Preferential Trade Agreement (PTA), marking a 10-fold jump in the number of products to be traded on concessional duty rates. “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,” said the Commerce Department. The Union Cabinet had approved the expansion of the PTA in April under which 86 per cent of India’s exports to Chile will get concessions. Under the expanded PTA, Chile has offered concessions to India on 1,798 tariff lines with duty cuts that are 30-100 per cent lower than the existing customs duty for various products. Similarly, India has offered concessions to Chile on 1,031 tariff lines with duties 10 per cent-100 per cent lower than the present import duties. A PTA between India and Chile was signed in March 2006 and came into effect from August 2007.