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The addition of a new financial services chapter to Canada's free trade agreement (FTA) with Chile will help financial institutions develop new markets in banking, insurance, and asset management, Ed Fast has said.
Fast, Canada's International Trade Minister, announced this week that the expanded FTA is now in force. It also includes new rules on government procurement, customs procedures, and dispute settlement.
According to a study released by Fast, Canada receives an economic boost of around CAD250m (USD242.3m) annually from its trade relationship with Chile. Fast believes that this offers "clear proof of the prosperity-generating power of free and open trade."
The original FTA entered into force in 1997, and two-way merchandise trade has more than tripled since.
Fast explained that a key part of the Government's trade expansion plan is "to expand and modernize past agreements in order to maximize the benefits they produce for hard-working Canadians and their families." The Government will therefore "continue to open new markets for our exporters and ensure Canadian businesses and workers have the competitive edge and tools they need to continue to succeed abroad."
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