LatinNews Daily - 25 June 2024

*Chile has signed a protocol of amendment to modernise its free trade agreement (FTA) with the European Free Trade Association (Efta), comprising Iceland, Liechtenstein, Norway, and Switzerland. The updated agreement eliminates duties on all industrial goods and provides duty-free access to 99% of agricultural imports into Chile from Efta countries, and 95% of Chilean exports to Efta countries. Trade between Efta countries and Chile reached €970m (US$1.04bn) in 2023. The modernised FTA was signed by Efta representatives: Iceland’s Foreign Minister Thórdís Kolbrún Reykfjörd Gylfadóttir, Liechtenstein’s Foreign Minister Dominique Hasler, Norway’s Trade and Industry Minister Cecilie Myrseth, and Guy Parmelin, a Swiss federal councillor. Parmelin expressed gratitude to all parties involved, highlighting that the renewed agreement improves market access for goods and services, including financial services, and strengthens the intellectual property rights (IPR) chapter, providing greater legal certainty for exporters. Chile was represented by its foreign minister, Alberto van Klaveren, who emphasised the expanded market access for Chilean goods, services, and public procurement, along with new provisions on trade and sustainable development. Originally signed in 2003 and effective from 2004, the FTA’s remodeling process began in 2019 and concluded in January 2024 after seven negotiation rounds.