Le Lézard
Classified in: Business
Subjects: FOR, TRD

20 years after signing FTA, trade between Chile and the US has increased fivefold

According to ProChile, bilateral trade reached $35.4 billion in 2022, representing an annual average growth of 9.2% since 2003.

LOS ANGELES, Aug. 8, 2023 /PRNewswire/ -- Chile celebrates two milestones in its relationship with the United States in 2023: 200 years of diplomatic relations and 20 years of the Free Trade Agreement (FTA).

On June 6th, 2003, Chile became the sixth country worldwide and the first from South America to have an FTA with the United States. It came into force on January 1st, 2004, and since 2015, 100% of the bilateral trade enjoys free tariffs.

In the past two decades, trade between the countries has increased fivefold to $35.4 billion in 2022, with an annual average growth of 9.2% since 2003, according to ProChile, the government institution promoting goods and services abroad.

"As a small country, it was a historic milestone for us to sign this FTA. It not only gave us access to sell our products in the largest economy in the world, but it also deepened our strategy to develop an open, competitive, and export-oriented economy," said Ian Frederick, ProChile's Trade Commissioner in Los Angeles.

The United States is Chile's second-largest trade partner, and it's the biggest market for four export categories: food, non-traditional services, non-copper small and medium-sized export companies, and women-led export companies.

Chile was the leading supplier of 51 products for the US market last year, including fresh fruit such as grapes, cherries, oranges, and apples; salmon filet; mussels; lithium carbonate; and refined copper. 

According to Frederick, the government is making an effort for more non-traditional Chilean companies to enter the American market. "In the last few years, we have launched different soft-landing programs for service industries, including tech, education, and health. Chile is the most innovative country in Latin America, and our businesses have developed solutions that can be used in different markets, including the United States," he said.

ProChile will host multiple events in different US cities to celebrate the FTA's 20th anniversary and 200 years of diplomatic relations, including a wine tasting in San Francisco, a cooking demo in New York, and a discussion panel with local authorities in Miami.


These press releases may also interest you

at 08:18
Sigma360®, the AI-powered risk screening and monitoring platform that enables compliant global commercial relationships, today announced it has been named a category leader in both quadrants of the Watchlist and Adverse Media Monitoring Solutions,...

at 08:15
Today, the national leader in youth non-contact football, Gridiron Football, has announced U.S. Women's Flag Football National Team Quarterback, Vanita Krouch, as its brand ambassador. The partnership marks another momentous milestone in the growth...

at 08:13
Marvion Inc., , a leading innovator in blockchain technology, is excited to announce the delivery of the Artificial Intelligence Blockchain Framework (AIBF), integrating and enhancing its Blockchain driven Digital Ownership Token (DOT) platform. "We...

at 08:09
NG Energy International Corp. ("NGE" or the "Company") is pleased to announce that it has filed its financial results for the three months ended March 31, 2024. The Company's consolidated financial statements and management's discussion and...

at 08:07
Global consulting firm J.S. Held, proudly celebrating 50 transformative years, has released a comprehensive paper, "AI in Fraud Investigations, Trends in International Financial Crimes & Fraud in ESG Matters: Perspectives from Spain," showcasing the...

at 08:05
Zillow analyzed rent affordability, job openings and the number of residents in their 20s to come up with this year's ranking of the best markets for new college grads Phoenix, Albuquerque, Colorado Springs, San Antonio and Portland, Oregon, are...

News published on and distributed by: