India, Chile should bolster economic ties: CII

New Delhi, Mar 15 (PTI) India and Latin American country
Chile should set up bilateral forums to bolster the economic
ties between the two nations to propel the mutual trade to USD
5 billion by 2014, industry body CII has said.

The two countries should set up bilateral forums to
harness their economic linkages, a study by CII said, adding,
"there is an ample scope for business with Chile and we should
target USD 5 billion trade with the Latin American country by
2014."

Chile's trading agreements can help India access other
markets in South America, it said. Chile has free trade
agreements with Canada, the US, the EU, and Mexico and is a
member of Latin America Integration Association.

The two nations should use the current economic situation
to consolidate the existing trade and build new avenues for
future trade, it said, adding that the two economies can
benefit from each others macroeconomic experiences by sharing
data and policy interventions.

Chile's commercial agriculture management, supply chain
linkages including cold storage, warehousing and transport can
be the focus areas for India, the study said.

India's overall trade with Chile expanded from USD
586.65 million in 2005-06 to USD 2 billion in 2007-08.