Chile-Japan trade accord signed
Associated Press 08.14.07
Chile-Japan Trade Accord Signed
SANTIAGO, Chile — President Michelle Bachelet on Tuesday signed into law a free-trade treaty between Chile and Japan. It takes effect on Sept. 3.
Chile is the first South American country to reach a free-trade accord with Japan, gaining preferential access to a market of 128 million. Chile earlier signed similar accords with China, India and South Korea.
It also has treaties with the United States, Canada, Mexico and the European Union.
The new agreement gives duty-free access to Japan for about 70 percent of goods exported by Chile. Japan will enjoy similar rights for around 90 percent of its exports to Chile.
The government has estimated the increase of bilateral trade with Japan will help create some 50,000 jobs in Chile.
Bilateral trade during the first half of 2007 totaled $3.9 billion, with a $2.7 billion surplus for Japan.
