Chile advances talks to modernize EFTA agreement

With the participation of the Undersecretary for International Economic Relations, Claudia Sanhueza, the 5th Round of Negotiations for the Modernization of the agreement between Chile and the European Free Trade Association (EFTA) – formed by Switzerland, Norway, Iceland, and Liechtenstein – ended in Santiago.

Undersecretary Sanhueza highlighted the importance of painting good relations with EFTA, noting that “for Chile, reaching a Modernized Agreement with EFTA will allow exporters and investors to enhance their presence in the European market with clear, modern and stable rules and guidelines, being a natural and necessary step for the Chilean trade policy to strengthen its relations with the entire European region.”

She also highlighted the status of the negotiations and the possibility that they will be concluded in the second half of 2023. “With this modernization process, I certainly believe that Chile and EFTA will have a new basis to enhance the future of our bilateral trade relationship,” said Sanhueza.

Chile’s trade exchange with EFTA totaled more than US$1,525 million in 2022, with a growth of 3.4% compared to the previous year.

Regarding values, Switzerland is Chile’s largest trading partner within the EFTA bloc, accounting for over 82.5% of total trade. Norway follows with 16.9%, Iceland with 0.5%, and Liechtenstein with 0.1%.

EFTA is the destination for Chilean exports of minerals such as gold and silver and food, nuts, processed tomatoes, and wine, among other products. In turn, EFTA supplies medicines, machines, watches, and other products for the Chilean market.

Source: PortalPortuario

Sharing is caring!