Chile and the United States continue to share foreign policy goals throughout the region. In January 2010, Chile became the 31st member of the OECD and the first, and only, South American member at that time. Chile is also a member of the WTO and the Cairns Group. The U.S.-Chile Free Trade Agreement (FTA) entered into force on January 1, 2004 and was fully implemented on January 1, 2015.
Chile has negotiated 31 trade agreements, covering 65 economies, representing 88 percent of the world’s GDP. These agreements include 17 FTAs, three Economic Association Agreements, six Economic Cooperation Agreements, one Partial Association Agreement with India, and a Commercial Protocol with the Pacific Alliance (Colombia, Perú and Mexico). The most recent trade agreement is an Economic Association Agreement with the United Kingdom that went into effect on January 1, 2021. Chile was a founding member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP-TPP), which includes Australia, Brunei, Canada, Japan, Malaysia, Mexico, New Zealand, Perú, Singapore and Vietnam. Approval is pending ratification in the Chilean Congress. Chile’s participation in the Digital Economy Partnership Agreement, DEPA, is being discussed in Congress after being introduced in April 2021.
This network of trade agreements has significantly improved market access for Chilean products and exports. According to the Chilean Vice Ministry for International Economic Relations (Subrei), Chile’s total exports in 2021 increased by 33 percent, reaching a total of $89.8 billion. Over 95 percent of exports went to countries with which Chile has free trade agreements, compared to 94 percent during 2020. The main export markets were China (38.3 percent) the United States (16.3 percent) Japan (7.7 percent), and South Korea (5.1 percent). Subrei has further information on Chile’s trade agreements and international trade.
Free Trade Agreements
- United States
- Central America – Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua
- South Korea
- European Free Trade Association – Iceland, Liechtenstein, Norway, and Switzerland
- Hong Kong
Economic Association Agreements
- European Union
- United Kingdom
- Trans-Pacific Strategic Economic Partnership (P-4) – New Zealand, Singapore, Brunei Darussalam
Economic Cooperation Agreements
- Mercosur - Argentina, Brazil, Paraguay, and Venezuela