The Minister of Foreign Affairs, Roberto Ampuero, met with the Minister of International Trade Diversification, James Gordon Carr today in Ottawa, Canada.
In the meeting, both addressed the subject of the modernization of the Free Trade Agreement –ruling the trade relationships between both countries since 1997-, whose new rules come into force tomorrow Tuesday, February 5.
After the meeting, the Chancellor Ampuero stated that "the Chilean foreign affairs, defined by the President Sebastián Piñera and executed by our Chancellery, pursue concrete benefits for Chilean citizens. Modernizing this FTA with Canada is undoubtedly a contribution to Chilean entrepreneurs, what is manifested in more opportunities, a more dynamic economy and more jobs".
With the entry into force, new disciplines begin to rule in the field of Technical Barriers to Trade, with regulations that facilitate the trade of organic products. Similarly, modifications to the Chapter of Government Procurement are included in which a new consideration was agreed that allows to reduce the deadlines for the submission of tenders provided that the tender process is integrally carried out through electronic means, thus enabling quicker processes.
In regards with the new Chapter of Investments, Chile and Canada negotiated a series of modifications in order to improve the legal system for reciprocal investments. These improvements are of great relevance as Canada is the seventh foreign investor in Chile.
Regarding the Chapter of Trade and Gender, its objective is to increase the participation of women in international trade through the development of joint actions and the promotion of new measures aiming at this objective. This chapter is the first one of the kind that Canada signs and the second once for Chile, who has already included this subject area in the agreement signed with Uruguay in 2016.
The Chancellor Ampuero also affirmed that "Chile and Canada are strategic allies having great coincidences in bilateral and multilateral organisms such as the APEC. Furthermore, Canada is in the process of becoming an Associate Member of the Pacific Alliance. We value democracy and free trade as key elements for the development and well-being of our citizens".
According to the figures of Direcon, in 2018 the exports with Canada reached USD$1,041 millions, highlighting the growth of the agroforestry exports that reached USD$110 millions (13 percent compared to 2017), and the industrial exports reaching USD$401 millions (15%).
In December 2017, Chilean direct investment materialized in Canada positions this country as the seventh destination reaching USD$1,825 millions, or accounting for a 1.5 percent out of the total amount invested abroad. The main recipient of these investments is the Mining sector with 81.2 percent of participation in the total amount of investments, or reaching USD$1,482 millions of investments.