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U.S. and Chile Sign Historic Trade Pact

DECEMBER 13, 2002


The U.S. and Chile announced this week they had reached agreement on a historic free trade pact to eliminate trade barriers between the two nations. The U.S.-Chile Free Trade Agreement (FTA) is the first major trade deal between the U.S. and a South American country. "This is an excellent agreement that cuts tariffs and opens markets for American workers, farmers, investors and consumers. It not only slashes tariffs, it reduces barriers for services, protects leading-edge intellectual property, keeps pace with new technologies, ensures regulatory transparency and provides effective labor and environmental enforcement," said U.S. Trade Representative Robert B. Zoellick. U.S. and Chilean representatives said they expect to sign the agreement and submit it to their Congresses for approval early next year. U.S. farmers' access to Chilean markets will be as good or better than the European Union or Canada, both of which already have FTAs with Chile.

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