New Delhi: In a bid to increase bilateral trade and to provide Indian exporters access into the Latin American market, India and Chile are considering signing a Preferential Trade Agreement (PTA).

"India would be keen to negotiate a PTA with Chile which would enhance competitiveness in other's markets," Commerce and Industry Minister Arun Jaitley told the visiting Chilean Foreign Minister Maria Soledab Alvear.

Both the Ministers noted the recent buoyant trend in bilateral trade and underlined the need to strengthen trade and economic cooperation through investments and joint ventures, an official release said on April 25.

Jaitley added that based on the operationalisation of the PTA, a Free Trade Agreement (FTA) could also be explored at a later stage and sought early finalisation of the draft text of the agreement.

Chile has already concluded negotiations for FTA with the US and agreements with European Union, Canada, Mexico and South Korea.

PTI