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Japan and Chile to expand trade agreement


Pablo Urria, Director of Bilateral Economic Affairs of the DIRECON. (Photo: Ministerio de Relaciones Exteriores)

Click on the flag for more information about ChileCHILE 
Friday, October 03, 2014, 03:10 (GMT + 9)
The governments of Chile and Japan agreed in Tokyo to begin a strengthening process of the trade agreement signed seven years ago.
The extension of the agreement was discussed by representatives of both countries during the meeting of the Commission of the Agreement and Property Committees.
This process will include the negotiation of the products that are currently excluded, which include salmon, meat, honey and some fruit, the Chilean government informed.
"We have made significant progress in trade between Chile and Japan, but it is important to advance our economic relation and so we have agreed to begin a strengthening process of the existing agreement in order to enhance our presence in the market," said Pablo Urria, Director of Bilateral Economic Affairs of the Directorate General for International Economic Relations (DIRECON).
The official stressed that Chile has interest in encouraging Japanese investment in the country towards sectors that can add value to the national productive activity, such as the aquaculture field, EFE agency reported.
Under the current agreement, Chilean exports to Japan pay an effective tariff of 0.39 per cent, while in 2013, imports from Japan faced an effective tariff of 0.9 per cent in Chile.
Japan is the fourth largest investor in Chile, with a total of USD 9.702 million accumulated between 1974 and 2013.
In addition, Japan is an observer member of the Pacific Alliance, which aims to closely link Latin American nations with the Asian-Pacific region, El Economista highlighted.
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