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Chile and European Union sign FTA 19 November 2002 Chile and the European Union (EU) officially signed a Free Trade and Political Cooperation Agreement (FTA) on Monday in Brussels. The FTA was concluded in May this year at the Euro-Latin American Summit held in Madrid, Spain, after several months of negotiation. The official signing of the final document is one of the final stages of the agreement, scheduled for Jan. 1, 2003. The document was signed by the foreign ministers of the EU member states, Chilean Foreign Minister Soledad Alvear and European Commissioner for External Relations Chris Patten. The FTA between Chile and the EU was termed by one of the European representatives as "the most ambitious agreement signed by the EU with a country outside the group." "The FTA between Chile and the EU is a very tangible expression of the EU's strong political commitment to deepen and widen its links with Latin America," Patten said. "Through this agreement, the foundations of a new relationship between the EU and Chile have been laid; it is now up to the different actors - political, social or economic- to fully exploit its potential". The FTA foresees a very high degree of liberalization and is underpinned by a set of strong and transparent rules. It will allow Chile and the EU to cut tariffs representing 90 percent of their bilateral trade. Chilean products will have access to a market of more than 300 million people. The market will grow in the short-term, as 10 new countries will be integrated to the EU. The agreement also includes a Wine and Spirits Agreement that will grant mutual respect of protected names and enological practices, as well as increase market access for both sides. It also means the Chilean fishing sector will be open to investment from Europe. The agreement includes a chapter talking about cooperation in technological and scientific matters. The political chapter of the agreement aims at strengthening the political dialogue between the EU and Chile, with increased cooperation in the fight against terrorism. Before signing an FTA with Chile, the EU was the largest investor in Chile. The EU invested US$17.44 billion between 1974 and 2001. Of the figure, more than half has been invested by Spain. Chilean exports to the EU totaled US$4.59 billion in 2001. Prior to the signing ceremony, the EuroChile Foundation awarded the "EuroChile Prize" to Alvear, Patten and the EU Trade Commissioner Pascal Lamy. The "EuroChile Prize" is given once a year to a Chilean and a European personality who help bringing both business communities together. EuroChile, a non-profit making foundation, was created in Chile in 1992 by the EU and Chile. Its objective is to create, promote and consolidate economic, technological and commercial ties between the business communities and institutions of both sides. _____________________________Defensores del Bosque Chileno |
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