The Chamber of Deputies approved a new trade agreement between Chile and Argentina

The Chamber of Deputies approved on Thursday, by 73 votes against 24 and 14 abstentions, the draft ratification of a new trade agreement between Chile and Argentina, through which the initiative was launched. been transmitted to the Senate for its second legislative procedure.

The agreement, signed in Buenos Aires on November 2, 2017, appears in an additional protocol to the economic complementarity agreement concluded with Mercosur States Parties, signed on January 4. in Montevideo, 2018.

The purpose of the Trade Agreement is to expand and modernize existing legal instruments, such as investment, services, telecommunications and electronic commerce.

Likewise, it will include chapters on technical barriers to trade in sanitary and phytosanitary measures, and introduce disciplines on trade facilitation in the area of ​​customs procedures.

This agreement opens up more opportunities for growth, development, employment and integration with a country with which we share the longest border in the world, "said the Minister of Finance. Foreign Affairs, Roberto Ampuero

Finally, chapters containing new disciplines in the fields of the environment, labor, gender, micro, small and medium enterprises, public procurement, cooperation and competition policy, constituting a modern regulatory framework meeting current expectations of international negotiations.

Trade

] According to data provided during the discussion of the draft in the Foreign Affairs, Finance and Finance Committees. the two countries will continue to be governed by the Mercosur a 100% tariff preference in all products, except those subject to a price range: import Wheat flour, wheat and sugar.

Chile's exports to Argentina between 2003 and 2017 averaged US $ 832 million. The industry sector accounted for 86.6% of exports, followed by the mining sector with 8.8% and agriculture, forestry and fishing with 4.6%.

During the same period, imports from Argentina averaged $ 3.685 million. Intermediate goods account for 69% of the average, followed by consumer goods with 25% and capital goods with 6%.

Argentina is a market of 44 million inhabitants with a GDP of $ 20,700 per capita in 2016 and a commercial exchange of $ 3,894 million. During the year 2017, exports increased by 31% and imports by 19%. Argentina is the second largest trading partner at the regional level, the sixth largest trading partner in the world.