BEIJING, March 5 (Xinhua) -- The Protocol between China and Chile on Revising China-Chile Free Trade Agreement (FTA) and Supplementary Agreement on Trade in Services of FTA came into force on March 1.
After the protocol comes into force, China will gradually cancel parts of tariffs on wood products within three years, and Chile will immediately abolish tariffs on textiles, clothing, home appliances and sugar products. About 98 percent of the products will be tariff free.
The agreement is China’s second FTA upgrading agreement after the upgraded China-ASEAN FTA, and it is China’s first FTA upgrading agreement with a Latin American country.
The protocol will further explore the potential of bilateral economic and trade cooperation, enhance the level of trade liberalization and facilitation, and enrich the comprehensive strategic partnership between the two countries.
The China-Chile FTA was signed in 2005 and was implemented in 2006. To promote the cooperation in services and investment areas, both sides signed and implemented the supplementary agreements concerning trade in services and investment in April 2008 and September 2012 respectively. In November 2016, China and Chile launched the FTA upgrading negotiations and signed the protocol in November 2017. (Edited by Tong Wei, tongwei@xinhua.org)
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