LatinNews Daily - 01 March 2024

In brief: Modernised EU-Chile trade deal advances

* The European Parliament has approved the advanced framework agreement (AFA) signed between Chile and the European Union (EU) in December, which will modernise the existing EU-Chile association agreement implemented in 2005. The AFA is accompanied by an interim trade agreement (ITA), which is limited to the components of the AFA that fall under exclusive EU jurisdiction. Once the AFA enters into force, the ITA will expire. The agreements “lay down the framework for deeper and broader political and economic cooperation between the like-minded partners on global issues”, according to a statement from the delegation of the EU to Chile. Issues covered in the agreements include foreign and security matters, sustainable development, environmental protection, climate change, sustainable energy, rule of law, and human rights. Under the agreement, around 99.9% of EU exports will tariff free except for sugar, which is projected to increase EU exports by up to €4.5bn (US$4.86bn). The most “sensitive” agricultural products – like meat, certain fruits and vegetables, and olive oil – are exempt from complete liberalisation. “This agreement is a clear example of the EU’s political commitment to strengthening our regional cooperation and reinforcing our ties with a crucial Latin American partner,” said María Soraya Rodríguez Ramos, a member of the European Parliament (MEP) and rapporteur for the foreign affairs committee. On social media, Chile’s Foreign Minister Alberto van Klaveren celebrated the approval of the agreement, saying it was an “innovative, state-of-the-art agreement that incorporates advanced standards for inclusive trade, respect for the environment, and social protection”.

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