The Chile-Uruguay Free Trade Agreement: What You Need to Know
The Chile-Uruguay Free Trade Agreement is a bilateral trade deal between Chile and Uruguay that was signed on November 15, 2016. The agreement aims to increase trade and investment between the two countries by reducing barriers to trade and promoting economic cooperation.
The agreement covers a wide range of issues related to trade, including market access, rules of origin, trade in services, investment, intellectual property, competition, and dispute settlement. One of the key features of the agreement is the elimination of tariffs on a vast majority of goods traded between the two countries.
The agreement is expected to have a significant impact on the economies of both countries. According to estimates, the agreement will increase Chile`s exports to Uruguay by around $73 million annually, while Uruguay`s exports to Chile will increase by around $58 million annually.
The agreement will also open up new opportunities for businesses in both countries by reducing the costs of trade and enabling them to access new markets. It will also help to attract foreign investment by providing a stable and predictable investment environment.
The agreement is also expected to have positive effects on the environment and labor standards in both countries. The agreement includes provisions on sustainable development, which aim to promote environmental protection and social responsibility in trade and investment activities.
The Chile-Uruguay Free Trade Agreement is an important milestone in the economic relations between the two countries. It is a testament to the commitment of both countries to promoting trade and investment, and to the benefits that can be achieved through cooperation and open markets.
If you are a business owner or investor looking to expand your operations in South America, the Chile-Uruguay Free Trade Agreement is definitely worth exploring. By taking advantage of the opportunities offered by the agreement, you can benefit from reduced trade barriers and increased market access, while contributing to the economic growth and development of both countries.