New Delhi [India], May 9 (ANI): India and Chile took a major step forward in strengthening their economic partnership by signing the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA). The Ministry of Commerce & Industry said in a statement on Friday that this agreement marks a new chapter in trade relations between the two countries. Also Read | Vijay Deverakonda Birthday: Dapper Pics on Instagram That Have Our Attention. The ToR was signed by Juan Angulo, Ambassador of Chile to India, and Vimal Anand, Joint Secretary in the Department of Commerce, who is also the Chief Negotiator for India-Chile CEPA from the Indian side. The signing of the ToR reflects the shared vision of both countries to deepen bilateral ties and promote economic cooperation. Also Read | Cricket Australia Closely Monitoring India vs Pakistan Tensions As Security Concerns Grow Among Players. The Ministry said, "India and Chile signed the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA) on 08 May 2025, marking a significant advancement in their bilateral trade relations". It also added "The CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME, critical minerals etc. thereby enhancing economic integration and cooperation". The first round of CEPA negotiations is scheduled to take place from May 26 to 30, 2025, in New Delhi. Both countries expressed their commitment to working together towards a fruitful and comprehensive agreement. Critical minerals will be an important part of the CEPA discussions, as they are essential for sectors like semiconductors, electric vehicle batteries, and robotics -- all of which are gaining importance in the global economy. These efforts are expected to enhance economic integration and cooperation between the two nations. India and Chile have shared warm and cordial relations for many years. A Framework Agreement on Economic Cooperation was signed in January 2005, followed by the signing of a PTA in March 2006. The PTA was later expanded in September 2016 and came into effect in May 2017. From 2019 to 2021, both sides held three rounds of negotiations to further expand the PTA. To take their economic relationship to the next level, both countries decided to move towards a CEPA. This decision was based on the recommendations of the Joint Study Group (JSG) formed under the 2005 Framework Agreement. The JSG report was finalized and signed on April 30, 2024. The momentum for CEPA gained further support during the State visit of Chilean President Gabriel Boric Font to India from April 1 to 5, 2025, at the invitation of Prime Minister Narendra Modi. During the visit, leaders from both sides recognized the vital role of trade and commerce in their bilateral relationship. They also welcomed the launch of CEPA negotiations and stressed the importance of creating a balanced, ambitious, and mutually beneficial agreement that would unlock new opportunities for growth and cooperation. (ANI) (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)