As India and Chile inch toward upgrading their existing Preferential Trade Agreement (PTA) into a more comprehensive trade pact, the negotiations have unfolded quietly, far from the buzz that accompanies India’s deal with the European Union (EU) or the US. The trade negotiations for the Comprehensive Economic Partnership Agreement (CEPA) with Chile should not be viewed as a routine upgrade to a trade deal; this may be one of the most strategic trade negotiations underway. The India-Chile trade relationship is not a new one. The two countries signed a PTA in 2006, which was expanded in 2016 to cover nearly 1,800 tariff lines. That arrangement reduced tariffs on select goods and widened market access but remained limited in scope. Further, to enhance economic integration and cooperation, in May 2025, both countries signed a framework agreement for CEPA, which would include several sectors, including digital services, investment promotion and cooperation, MSMEs, critical minerals, etc.