MEPs in Chile approve free trade agreement with Argentina

The Chamber of Deputies of Chile on Thursday approved a Free Trade Agreement (FTA) with Argentina which aims to broaden and deepen investments, services and procedures between the two neighboring countries.

Chile and Argentina concluded an Economic Complementarity Agreement in accordance with the standards set in 1996 in the Mercosur Pact. This free trade agreement establishes new legal instruments to govern their trade relations.

The "New Agreement That Offers More Opportunity for Growth, Development, Employment and Integration with a country with which we share the longest border in the world", said the Chilean Minister of Foreign Affairs Foreign, Roberto Ampuero after the approval of the agreement, in statements reproduced by Reuters .

The treaty also contains chapters relating to the environment, labor, the ero gene, SMEs, cooperation and competition policy .

Argentina is the second largest trading partner of Chile in the region and sixth in the world . Trade increased 21% to 4 billion dollars in 2017.

Trade between the two countries is largely surplus for Argentina . Between January and September 2018, Argentina exported it to Chile for an amount of 2 192 million USD (+ 11.8% in one year), while it imported 569 million USD (- 13% in one year), with a favorable balance for our country . $ 1,623 million .

"This FTA will open not only new prospects for development for both countries, but also to ensure the transparency and security of bilateral flows under clear rules," Ampuero said.

The agreement must now be considered by the Senate.