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LatinNews Regional Monitor: Brazil & Southern Cone - 20 September 2018

Economic Highlights

Uruguay-Chile FTA: On 31 July Uruguay’s chamber of deputies voted 85-1 in favour of ratifying a Free Trade Agreement (FTA) with Chile. The deal will extend an existing FTA covering goods to include services, as well as updating certain clauses related to labour rights, gender equality, and the promotion of small and medium-sized businesses (SMEs). Since it was first signed in October 2016, the FTA has been subject to a long-running debate among Uruguayan politicians. Despite their opposition, deputies from the Partido por la Victoria del Pueblo (PVP) and the Partido Socialista (PS), both part of the leftist ruling Frente Amplio (FA) coalition, eventually voted in favour of the deal due to “party discipline”. Supporters hope that the FTA will send a message that Uruguay is open for business, boosting international cooperation and trade. The implementation of the updated deal now depends on its ratification by Chile’s congress, which is seen as a formality.

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