LatinNews Daily - 07 June 2022

In brief: Chile and Canada reaffirm ties

* Chile’s President Gabriel Boric has met Canada’s Prime Minister Justin Trudeau in Canada, where the two leaders underlined their commitment to reaffirming economic ties. Both leaders hailed the 25th anniversary of the Canada-Chile Free Trade Agreement (CCFTA) and the Canada-Chile Labour Cooperation Agreement (CCLCA) among other agreements. The statement noted that the two countries are working together in the region to enhance economic engagement with the Pacific Alliance trade bloc comprising Chile, Mexico, Colombia and Peru, in which Chile is a founding member and Canada an observer and Candidate Associated State. According to Canadian government figures, bilateral merchandise trade has more than quadrupled since the CCFTA came into force in 1997, surpassing C$3bn (US$2.4bn) for the first time. According to the same figures, Canada exported more than C$1.2bn in merchandise to Chile in 2021, led by farm, fishing and intermediate food products, which accounted for 29% of exports to Chile. Imports from Chile totalled more than C$1.8bn in 2021, led by metal and non-metallic mineral products, which accounted for 39% of imports from Chile. As of 2021, the stock of Canadian direct investment in Chile stood at C$22.4bn, making Chile Canada’s top investment destination in Latin America and its 12th largest worldwide.

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