Chile has signed 30 business treaties that cover 70 markets and account for 88 percent of global GDP. There are 17 free trade accords, three economic affiliation arrangements, six economic bilateral cooperation, one partial association treaty, and a commercial pact with the pacific alliance among these agreements.
Chilean commodities and exports now have much better market access because of this system of trade treaties. Chile’s overall exports climbed by 7% in 2020, hitting $73.4 billion, as per the Chilean vice-minister for foreign economic ties. Over 94 percent of Chile’s exports were to nations with which the country has.
The following are a few nations with which Chile has signed trade agreements:
Chile-United States
The FTA between the United States and Chile eradicates taxes and opens the marketplace, lowers obstacles to trade flows, protects copyrights, guarantees governmental clarity, ensures equal protection in the transfer of virtual goods, commits the Participants to uphold competition laws prohibiting anti-competitive corporate practices, and needs good labor and ecological regulation. All items produced in the United States are duty-free in Chile.
Chile-Canada
The Canada-Chile Free Business Treaty is the bedrock of Canada’s significant and expanding economic ties with Chile. Two-way commercial trading has doubled since it went into effect, and Canada has become Chile’s greatest generator of new capital inflows. A new chapter on hygienic and plant protection procedures, as well as practical adjustments to the current state procurement section, were added to the modernized agreement in 2015. Furthermore, both countries decided to implement modifications to the CCFTA’s origin regulations as quickly as practicable.
Chile-Mexico
In 1999, this treaty went into force. The treaty aims to enhance market growth and diversification, remove trade restrictions, encourage competitiveness, boost investment opportunities, defend and impose copyrights, set up regulations for future collaborations, and establish methods for the treaty’s implementation and policing.
Chile-Costa Rica
Trade regulations of the two countries are centered around unified guidelines and virtues shared, such as the defense of reflective democratic government, the enhancement of human rights and personal liberty, nature conservation, and the pursuit of human development. This leads to shared viewpoints in global platforms on issues like mutual defense, collaboration, economic policies, open markets, and trade liberalization.
Chile-Korea
The Chile-Korea Trading Relationship creates a Free Trade Council and defines its activities and duties. It entails overseeing the Agreement’s execution and administration, reviewing the Treaty’s outcomes, and overseeing the responsibilities of panels and operating teams. This treaty ensures that no trade-distorting measures be undertaken in the case of public firms and organizations that have been awarded special rights. The deal also calls for the formation of several working committees.
Chile-China
The Chile-China Trade Treaty includes an Open Trade Board, which comprises the Parties’ ministerial grade authorities. In 2019, the contract was updated. The sections on business in commodities, trading in facilities, e-commerce, laws of origin, import duties, technological and commercial interaction, and trade laws were all enhanced in the updated treaty.
Chile-Panama
In 2006, Chile and Panama agreed to a free trade deal. A free trade committee will be established under the Chile-Panama Fta convene at least once per year.
Chile-Turkey
Hygienic and environmental safety policies, technical-commercial restrictions, patents, laws of provenance, domestic taxes, anti-dumping and offsetting steps, protections, and trade balance steps are all covered by this treaty. Chile also removed custom taxes on imports of industrial items from Turkey.
Chile-India
Chile and India established a Strategic Deal to Boost Trade Ties in 2005 to foster economic growth and lay the groundwork for developing a trading relationship.
Chile-Thailand
The deal calls for taxes on more than 90% of international transactions to be eliminated immediately. Copper materials, lithium carbonate, vehicle gears, forest produce, and a range of delicacies are among the things Chile will be able to transport duty-free to Thailand now that the deal has come into effect.
Chile, on the other hand, imported $526 million worth of goods from Thailand, including wagons, automobiles, ready or preserved fish, and tv reception equipment.
