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Canada, Chile Modernize Free Trade Agreement

by Mike Godfrey, Tax-News.com, Washington

13 April 2015


Canada and Chile have announced the conclusion of negotiations to modernize their 18-year-old free trade agreement (CCFTA).

According to Canada's Foreign Affairs Department, the update will make the CCFTA a "next-generation" trade agreement. The modernized agreement contains a new chapter on sanitary and phytosanitary measures and includes technical amendments to the existing government procurement chapter.

Both countries agreed to bring amendments to CCFTA rules of origin into force as soon as possible. The change will enhance market access for Canadian goods, such as chemical products and plastics, base metals, machinery, and appliances.

This is the latest in a series of updates to the CCFTA. In September 2013, a new chapter on financial services came into force, along with changes to customs procedures, government procurement, and dispute settlement. In November 2014, the two sides announced the conclusion of negotiations toward a new chapter on technical barriers to trade.

Canada's International Trade Minister Ed Fast said: "Our Government's top priority is to create jobs, growth, and long-term prosperity for all Canadians. The modernization of the Canada-Chile Free Trade Agreement ensures that this agreement is of the same high standards as our modern free trade agreements. This is the latest example of how our Government's pro-export plan is getting results for Canadian businesses, workers, and their families."

Canada-Chile two-way merchandise trade reached CAD2.86bn (USD2.26bn) in 2014.

TAGS: business | free trade agreement (FTA) | Chile | financial services | trade treaty | agreements | Canada | standards | trade | services

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