Chile and Brazil began the second round of negotiations on a Free Trade Agreement (FTA), with a “sense of urgency”, in order to conclude negotiations during this year.
The FTA seeks to complement in non-tariff matters the current Economic Association Agreement (ACE-35) between the two countries, which has released 100% of bilateral trade.
“We are moving forward with Brazil for a new and higher stage. Negotiating an FTA is one of the relevant topics of our foreign policy,” Chilean Foreign Minister Roberto Ampuero was quoted as saying in a statement from the local Foreign Ministry.
“It is a friendly country, with which we want greater levels of integration and a market of 210 million inhabitants for Chilean entrepreneurs,” added the diplomat.
Among the topics to be addressed in this new round of negotiations are regulatory issues, trade facilitation, competition policy, trade in services, telecommunications, e-commerce and labor and environmental issues.
“Negotiating teams have put a sense of urgency in this work to make substantial progress in discussing the proposals put forward, thus defining the distinct commitments to be fulfilled,” added the Foreign Ministry’s note.
The first round of negotiations took place between June 6 and 8 in Brasilia, and “it is expected to have a final round during the month of October of this year to sign the agreement” in 2018.
Brazil is Chile’s main trading partner in Latin America and the biggest destination of its investments abroad. In 2017, the bilateral exchange reached 8.5 billion dollars.