Chile and China signed an agreement to expand bilateral free trade during the recent APEC summit. It is worth noting that Chile is the first country to successfully complete the process aimed at deepening existing free trade agreements with mainland China.
According to Chilean officials, the new agreement includes some of the most extensive market access terms negotiated by Beijing with its any trading partner, including additional preferential tariff treatment for 30 Chilean forestry products and a new HS chapter on e-commerce. As far as Chile is concerned, it will provide duty-free treatment for 24 additional tariff lines from mainland China, including glucose, fructose, some textiles and clothing products (including certain wool fabrics, certain rayon yarns and fabrics, and certain cotton, rayon, wool and fine animal hair clothing), as well as a variety of electrical appliances such as refrigerators and dryers.
Chile and China also agreed to improve their service market access commitments, including a commitment to the trade agreements between mainland China and Australia and South Korea. In addition, the two parties had adopted new rules of origin in terms of minimum content and certificate of origin format and exceptions to promote bilateral trade flows. Customs procedures and trade facilitation, technical and economic cooperation (including global value chains, government procurement, cross-border payments, agriculture, and the protection of interests and rights) have also adopted new rules.
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