CHILE |
FTA signed with China. On 28 October Chile signed a free-trade agreement (FTA) with China, which is expected to double its exports, currently US$4bn, by 2008. This is the first FTA signed by China with a Latin American country. From the outset 92% of Chile's exports to China will have a zero tariff. The rest will be lowered progressively over five to 10 years. Chile has negotiated the temporary exclusion of 152 Chinese products, most of them textiles.
Chile is already China's second-biggest trading partner in Latin America, after Brazil. It was the first South American nation to establish diplomatic relations with the PRC, in 1970.
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