With the presence of the President of the Republic, Michelle Bachelet, and her counterpart from the People's Republic of China, Xi Jinping, the Foreign Ministers of Chile and China signed an agreement that improves our FTA with the Asian nation.
This includes the strengthening of the Free Trade Agreement in force since 2006, in matters of market access; rules of origin; customs procedures and trade facilitation; trade in services; environment; competition policies; electronic commerce; and economic and technical cooperation.
At present, China is Chile's main trading partner and our country, in turn, is China's third largest trading partner in Latin America. In 2016, trade between the two countries reached US$ 31,474 million, increasing by 2.1% with respect to 2015, representing 26% of Chilean foreign trade.
The Chile-China FTA was signed in 2005 and entered into force the following year. Chile and China agreed to expand on this FTA during 2015, which was formalized with the signing of a Memorandum of Understanding (MoU) during the visit of Chinese Prime Minister Li Keqiang. Then, on 22 November 2016, during the State visit of the President of the People's Republic of China, Xi Jinping, a MoU was signed and the negotiation process for strengthening was initiated.
After three rounds of negotiations, the technical negotiations on this process were concluded in Santiago on the 30th of August. The main achievements of this improvement are: Goods Trade Chapter; Services Trade Chapter; Electronic Commerce Chapter; Rules of Origin Chapter; Customs Procedures and Trade Facilitation Chapter; Technical and Economic Cooperation Chapter; and Trade Rules Chapter.