Canada, Chile To Expand FTA

The Canadian government has tabled an agreement in parliament to modernize and expand its existing Free Trade Agreement (FTA) with Chile.

Negotiations to amend the FTA were concluded in February, 2012 and the new agreement was signed in April. The deal arranged will introduce a new financial services chapter to the FTA and will bring the agreement in line with Canada’s other free trade agreements. The chapter provides access to markets for cross-border financial services providers and regulated financial institutions established in each jurisdiction.

Commenting on the agreement, Minister of International Trade Ed Fast said: “Our government’s top priority is the economy and creating jobs, growth and long-term prosperity. The Canada-Chile Free Trade Agreement has proven to be a success story for both countries’ businesses and workers, with two-way merchandise trade more than tripling since the original agreement came into force on July 5, 1997. These updates will bring this agreement up to the high standard the Harper government seeks in its trade negotiations and give Canadian businesses greater access to the Chilean market.”

In accordance with the government’s Policy on Tabling Treaties in Parliament, the amending agreement will be tabled in the House of Commons for 21 sitting days.

October 29, 2012