Chile ratifies free trade accord with China
(AP)
Updated: 2006-08-10 09:20
SANTIAGO, Chile - Chile's Senate unanimously voted to ratify a free trade
agreement with China on Wednesday, Foreign Minister Alejandro Foxley said.
All 31 senators approved the accord, which had been ratified by the lower
house of Congress last month and is expected to take effect this year.
The accord calls for the lifting of duties for 92 of the products exchanged
by the two countries over 10 years.
Both governments expect the deal will rapidly increase bilateral trade which
reached US$6.9 billion (euro5.5 billion) last year, with a US$1.8 billion
(euro1.4 billion) surplus for Chile.
Chile could "become a bridge of union between Asia and South America," Foxley
said.
During the first half of this year trade totaled US$3.6 billion (euro3
billion), with a US$647 million (euro543 million) surplus for Chile.
The first products to be exempted from duties are Chilean copper and other
minerals, vegetables, fish oil, fish, chicken, shrimp, peaches, nectarines, as
well as Chinese machinery, televisions, printers, computers and automobiles.
Chile has in recent years signed free trade deals with the United States,
South Korea, Mexico, Canada, the European Union, New Zealand and Singapore, and
has advanced talks on deals with India and Japan.
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