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EU, Chile Launch New Trade Talks

by Ulrika Lomas,, Brussels

17 November 2017

The EU and Chile have formally launched negotiations on the modernization of their Association Agreement, which governs their trade relationship.

The talks were officially launched on November 16. The European Council approved a mandate for the modernization of the agreement on November 13.

In a joint statement, the two parties said that they will "remain ambitious and forward looking in ensuring we equip ourselves with a progressive and resourceful modernized Association Agreement."

The statement noted that the Association Agreement has substantially increased trade flows between the EU and Chile. However, it added that the agreement is now 14 years old and "does not address the full range of important trade and investment issues."

The statement set out the parties' vision for an enhanced trade agreement. It explained: "In these new negotiations we have also the opportunity to conclude a trade agreement of the highest calibre that covers all issues, including those that reflect our shared values such as trade and sustainable development, help for small- and medium-sized companies, anti-corruption, and trade and gender."

The trade pillar of the Association Agreement entered into force in February 2003. Bilateral trade has more than doubled since then, rising from EUR7.7bn (USD9.1bn) in 2003 to EUR15.9bn in 2016.

The EU is Chile's second-largest trading partner, accounting for 14.9 percent of Chile's total trade in 2016.

TAGS: investment | free trade agreement (FTA) | Chile | export duty | trade treaty | agreements | import duty | trade | European Union (EU) | Europe

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