BRAZIL AND CHILE NEW FREE TRADE AGREEMENT ENTERS INTO FORCE

The new free trade agreement between Brazil and Chile will enter into force on the 25th, according to the Ministry of Foreign Affairs. The agreement is considered the most modern Brazil’s trade agreement and should open the doors of the Chilean market to companies interested in public tenders in the country and reduce customs processing costs, allowing for greater flexibility in exports and imports. In 2021, Chile became the fifth most important destination for Brazilian products, now Chile is only behind China, the European Union, the United States, and Argentina. The Brazilian Confederation of Industry (CNI) highlights that unlike other markets, the share of “made in Brazil” goods has gone from 8.4% to 8.6% in the last ten years in Chile. “The expanded Brazil-Chile free trade agreement is the most modern in the region, also it is a model we would like to repeat with other partners,” says Ambassador Pedro Miguel da Costa e Silva, Secretary of the Americas at Itamaraty and an important trade negotiator in Brazil.

Sources: Valor/Portos e Navios (*Translated by Ia Niani)