Chilean President Michele Bachelet has signed a free trade agreement (FTA) with Turkey, which will allow 98% of their bilateral trade to be duty free rising to 100% within 6 years. This is the first FTA between Turkey and a Latin American country but it is the 51st signed by Chile. The agreement promises a potential market of more than 70 million customers for Chile.
Chile's mining, agriculture, fishing and forestry industries will benefit while Turkey hopes to export machinery, automobiles, and white goods free of duties. President Bachelet also invited Turkey to assist in a number of large state projects, such as port construction and security enhancement. The FTA will have to be ratified by both nations' legislatures to become effective.
Turkey is also in talks with the Brazilian authorities over the signing of a free trade agreement. The Turkish Petroleum Corporation and the Brazilian national oil company Petrobras co-operate in a joint oil-prospecting project in the Black Sea and there are high hopes that annual mutual trade volume can rise to USD5bn within two to three years from the present USD1.7 bn as a result of a successful free trade agreement.
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