Chile, a Latin American country, said on Tuesday it wants to enhance its commercial ties with India by upgrading the preferential trade pact it has with New Delhi since 2006.

At a luncheon meeting with apex business chambers in New Delhi, visiting Chilean President Michelle Bachelet said her country was keen on promoting the preferential trade pact with India to a full-fledged free trade agreement.

"The conditions have arrived to take step forward to increase our commercial links...I hope this will be a prelude to sign a foreign trade agreement with India as soon as possible," Bachelet said at the Ficci, Assocham and CII meeting.

The two countries have agreed to take steps for doubling the bilateral trade, which was a mere $2.09 billion in 2007-08.

Chile has decided to open a commercial and investment office here for facilitating commercial ties.

Earlier in the day, the two countries signed four agreements to strengthen their bilateral ties in the areas of space, renewable energy, education and mineral resources.