An Association Council joint statement was signed today between Chile and the United Kingdom to modernize elements of the association agreement (AA) that has been in operation between the two countries since January 1, 2021. Its objectives are to deepen the bilateral trade ties between Chile and the UK and to increase trade and investment.
The statement was signed by Greg Hands MP, Minister of State for Trade Policy at the UK’s Department for International Trade, and Rodrigo Yáñez, Chile’s International Economic Relations Undersecretary. At the meeting, they discussed the terms of reference for the modernization of the AA and the timeframes involved, with an emphasis on flexibility.
In January 2019, Chile became the first country in the world to sign this type of mechanism with the UK, which transfers the conditions of the AA between Chile and the European Union (EU) to a bilateral Chile-UK agreement in order to protect the continuity of Chilean exports to the British market.
In October 2020, a trade dialogue took place between the two countries, which concluded that the new agreement provided an excellent basis on which to forge our future trade relationship and reaffirmed an ambition to improve and modernize the mechanism. The two sides promised to redouble efforts to overcome the remaining barriers to increased trade and investment needed to maximize the economic opportunities between the two countries.
At the meeting, Jonathan Knot, Her Majesty’s Trade Commissioner for Latin America and the Caribbean, and Louise de Sousa, the British Ambassador to Chile, spoke about the potential of cooperating in the promotion of bilateral trade and investment in such areas as agriculture, infrastructure, the digital economy and financial services.