PM announces expansion of the Canada-Chile Free Trade Agreement

Canadian businesses to benefit from increased access to Chilean market

PM announces expansion of the Canada-Chile Free Trade Agreement.

Santiago, Chile
16 April 2012

Prime Minister Stephen Harper and Sebastian Piñera, President of Chile, today witnessed the signing of a more modern and expanded Canada-Chile Free Trade Agreement that will help deepen commercial ties between the two countries.

“The Canada-Chile Free Trade Agreement has been the cornerstone of our commercial relationship with Chile for the past 15 years,” said Prime Minister Harper. “The enhancements announced today will generate further economic growth and job creation in Canada by increasing commercial opportunities for our businesses.”

The amended agreement will include a financial services chapter to ensure that Canadian financial institutions enjoy preferential access to the Chilean market and can compete on a level playing field vis-à-vis their competitors.  This will help institutions develop new markets in the banking, insurance and asset management sub-sectors in Chile.

The Canada-Chile Free Trade Agreement has already greatly benefited both countries with two-way merchandise trade more than tripling since the agreement came into force in 1997.

While in Santiago, Prime Minister Harper also thanked President Piñera for his country’s support of Canada’s bid to join trade talks on the Trans-Pacific Partnership (TPP). 

“Canada’s participation in the TPP negotiations would deepen trade relationships with many of our important commercial partners, including Chile,” said the Prime Minister. “I want to thank President Piñera for Chile’s strong and longstanding support in our efforts to join the partnership.”