Once it becomes law, the deal will abolish 87% of the tariffs currently in place on trade between the two countries, and the remaining tariffs will be abolished within four to 12 years. The US is Chile's largest trade partner, with bilateral trade in 2001 worth US$8.8bn.
Chile is banking on this figure growing by about one-third over the next five years as a result of the accord. The deal has sparked some criticism from opponents who claim it will transform Chile into Latin America's southernmost banana republic.
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