Good news ... on Tuesday, August 8, the Chilean Senate unanimously approved the P4 Agreement.
The Agreement arrived to the Senate with favourable reports from the Foreign Relations, Finance and Agriculture Commissions. This Senate approval means that the Agreement is now in conditions to be promulgated as a Law of the Republic and, finally, enter into force upon its publication in Chile’s Official Gazette (anticipated to happen in October).
The Agreement covers trade, economic, institutional and cooperation aspects, and also contemplates increasing exportations towards third markets through joint ventures and technology exchange.
Although 80% of Chilean goods will be able to enter into New Zealand with zero tariffs upon entry into force of the Agreement, the Agreement establishes special safeguards as regards certain dairy products – current maintenance of the 6% flat tariff and then the proportional decrease of said tariff over 12 years.
The P4 Agreement involves Asia Pacific and Latin America and provides an important platform for other APEC nations to accede to the Agreement.
Interestingly, one day later on August 9, Chile approved its Free Trade Agreement with China.
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