December 2, 2020
Foreign Trade

Foreign Affairs Minister Andrés Allamand and Undersecretary Rodrigo Yáñez meet with European Commission officials in Belgium to advance the economic and bilateral cooperation agenda

Foreign Affairs Minister Andrés Allamand and Undersecretary Rodrigo Yáñez meet with European Commission officials in Belgium to advance the economic and bilateral cooperation agenda
Their meeting is part of a European tour (Brussels, Spain and France) that began on November 28 and will conclude on December 5.

Foreign Affairs Minister Andrés Allamand and International Economic Relations Undersecretary Rodrigo Yáñez met with the European Union Trade Commissioner, Valdis Dombrovskis, ahead of the upcoming ninth round of negotiations to modernize the trade pillar of the Association Agreement between Chile and the European Union, which is scheduled for January 2021.

Undersecretary Rodrigo Yáñez noted that this modernization process is important to Chile as it “provides new perspectives on a relationship that is consolidated from an economic-trade standpoint, which is key to economic reactivation. We hope to progress the negotiations to the point that the modernization of the agreement can be completed in the first half of 2021.”

The Foreign Affairs officials subsequently met with the EU Commissioner for Energy, Kadri Simson, to discuss potential areas for cooperation between Chile and the EU on energy matters and Chile’s leadership to become a global center for green hydrogen research, development and production.

Minister Allamand and Undersecretary Yáñez also met with the European Commissioner for Environment, Oceans and Fisheries, Virginijus Sinkevičius. The officials reiterated their commitment to inclusive, sustainable trade: ocean conservation, the creation of protected marine areas at the global level as well as the protection of and scientific development in Antarctica.

The meetings are part of a European tour (Brussels, Spain and France) that began on November 28 and will conclude on December 5.

Bilateral trade relationship

Trade between Chile and the EU has more than doubled since the agreement came into effect, growing from US$8.4 billion in 2003 to US$18.5 billion in 2019. The European Union is the third-largest market for Chilean exports and remains its thirdlargest supplier of goods.

The European Union is the foremost investor in Chile, with total investment of US$91.5 billion, representing 33% of total foreign investment, which creates jobs and favors exports to third markets.