The Council today adopted the decision on the conclusion of the Interim Agreement on trade (iTA) between the European Union and Chile. This decision marks the end of the internal ratification process within the EU and paves the way for the entry into force of the deal.
This agreement focuses on trade and investment liberalisation, exclusively within the EU's competence, while investment protection provisions are covered by the broader Advanced Framework Agreement (AFA), which is still in the ratification process within the member states. The iTA will expire when the AFA, after ratification by all member states, enters into force. The agreements aim to update the current EU-Chile association agreement and will strengthen EU-Chile political and economic relations and deepen cooperation and trade.
The EU is Chile's third-largest trade partner. Around 99.9% of EU exports will be tariff free on the entry into force of the agreement, which is expected to increase EU exports to Chile by up to €4.5 billion.
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Source : © European Union, 2024 - EP
