US, Chile to Sign Free Trade Agreement
Trade pact will be signed in Miami and is expected to significantly enhance an existing $6 billion trade relationship.
WASHINGTON, DC - The US and Chile will sign the US-Chile Free Trade Agreement on Friday, June 6th in Miami. US Trade Representative Robert Zoellick will sign the agreement on behalf of the United States, and Chilean Foreign Minister Soledad Alvear will sign for Chile.
Once signed, the agreement must be approved by both the U.S. and Chilean legislatures.
The negotiations that resulted in the FTA were completed last December 11. Under the Trade Act of 2002, the Administration must notify Congress at least 90 days before signing the agreement.? That notification was sent to Congress on January 30. As soon as the negotiations were completed, the agreement underwent an extensive legal review.?
The agreement is the first between the US and a South American country, and will be the sixth Free Trade Agreement entered into by the US.? Four are in effect - those with? Canada and Mexico (NAFTA); Israel; and, Jordan - while an FTA with Singapore was also recently signed.
Both the Chile and Singapore FTAs require Congressional ratification. In accordance with TPA requirements, the Office of the US Trade Representative will work closely and expeditiously with the Congress on legislation to implement these agreements.?
Two-way trade in goods between the US and Chile totaled $6.4 billion in 2002, with the US in deficit by $1.2 billion.? Two-way trade in services in 2001 amounted to $2.2 billion, with the US in surplus by $472 million.? Since 1994, US goods trade with Chile has expanded by 39% (to 2002) and services trade by 37% (to 2001).
The US and Chile began bilateral negotiations on an FTA in December, 2000, holding a series of 14 negotiating rounds with teams of specialists, alternating between Santiago, Chile and cities in the US, including Miami, Atlanta and Washington, DC.
back, or read the latest Front Page stories:
US Seeks Stronger Ties With Brazil
WASHINGTON, DC – 06/13/06 – Rebounding from the failure to craft a Free Trade Area of the Americas pact, the Bush Administration is aiming at strengthening trade ties with Brazil in an effort to counter China’s fast-growing economic influence in Latin America; China should not only be seen as an export market with 1.3 billion consumers, but also as a nation of 1.3 billion ''new competitors,'' says US Secretary of Commerce Carlos Guittierez.
US Threatens WTO Action Against China
WASHINGTON, DC – 06/10/06 – The White House is threatening to slap China with a World Trade Organization case unless Beijing responds quickly to US concerns over its lack of action on securing intellectual property rights for US products; talks on bringing the WTO case are at a ''very advanced stage,'' according to a high level official in the Office of the US trade Representative.
High Hopes for Central American Trade Pact
WASHINGTON, DC – 06/08/06 – The US -Central American Free Trade Agreement (CAFTA) still faces some hurdles, but could become a reality ''very soon,'' according to Deputy Secretary of State Robert Zoellick; the issues relating to government procurement, intellectual property rights and agriculture still need to be worked through, says the former US Trade Representative following a session of the Organization of American States (OAS) General Assembly in Santo Domingo, Dominican Republic.