India, Chile eye year-end conclusion of CEPA talks with focus on lithium, critical minerals: Envoy

New Delhi, Nov 7 (PTI) India and Chile are pushing to conclude negotiations for a Comprehensive Economic Partnership Agreement (CEPA) by the end of 2025, with critical minerals, especially lithium, taking centre stage in the talks, Chile’s Ambassador to India Juan Angulo has said.

"We are looking forward to the conclusion of the negotiation process. The idea was at the end of the year, and we are trying to fulfil that commitment," Angulo told PTI on Thursday.

Three rounds of negotiations have been completed, with the latest held in Santiago from October 27-30, covering trade in goods and services, investment, rules of origin, intellectual property rights, TBT/SPS measures, economic cooperation and critical minerals.

Highlighting Chile’s resource strength, he said, "We know there's a need for India to fulfil its security in this kind of raw materials. And Chile is a country that can provide not only that, but also other minerals." Chile possesses the world’s largest lithium reserves at 9.3 million metric tonnes, representing nearly 38 per cent of global totals, and produced 44,000 metric tonnes in 2024. It also holds the largest copper reserves (190 million metric tonnes) and significant deposits of iodine, rhenium and molybdenum.

The CEPA aims to eliminate tariffs on over 90 per cent of goods and deepen services and investment ties.

"The minerals chapter is a part of the negotiations... every chapter has its own track, and negotiations will continue on that. We hope it will be a solution acceptable for both parties," the envoy said, adding that the next round is likely in November.

The ambassador emphasised that all chapters will remain open for discussions until the final decision on CEPA is reached.

Chile’s lithium production is led by SQM and Albemarle in the Atacama region, with new public-private projects expected to increase output by 70 per cent by 2028. Indian entity Khanij Bidesh India Ltd (KABIL) is exploring joint ventures.

"We have been looking at how we could increase the added value of the exports to the country...We know that there's a need for India to fulfil its security in this kind of raw materials. Again, the idea will always be to increase the added value on the export of this product," the ambassador underlined.

In a separate interview with PTI, Argentine ambassador to India Mariano A. Caucino stated that India's investment in the northern part of Argentina for Lithium is "very positive and mutually beneficial for both countries".

"India is growing so much that it demands more and more critical minerals, lithium, especially, and the government of India is trying not to depend on a sole provider, which I think is very wise for you," the Argentine ambassador underlined. PTI RK AMJ AMJ