P4 trade deal takes another step

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P4 trade deal takes another step

11 August 2006

(NZPA) The ratification of the trade deal between New Zealand, Chile, Brunei and Singapore has taken another step with the Chilean senate approving the deal.

The pact known as P4 still has to clear a verification process and received the Chilean president’s assent before coming into force.

A Ministry of Foreign Affairs spokeswoman said it was expected this process would be completed later in the year.

Reuters also reported that the Chilean senate had also ratified a free trade agreement with China, opening the door further to its largest market for copper, Chile’s chief export.

The pact, ratified unanimously by Chile’s senate, means an immediate 92 percent cut in tariffs on Chilean exports to China, Chile’s Foreign Relations Ministry said in a statement.

Chile is the world’s biggest producer of copper and China its most voracious consumer amid booming economic growth.

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