The Government approves the signing ad referendum of the trade agreement between the EU and Chile

Eduardo González The Council of Ministers has approved this Tuesday the signing ad referendum of the Advanced Framework Agreement between the European Union and Chile, the text that modernises the trade agreement that has united both parties for 20 years and which was signed in the final stretch of the last Spanish Presidency of the Council of the EU. With this decision, the Council of Ministers validates the signing of the agreement, officially signed by the EU and Chile on 13 December 2023 in Brussels. On the part of Spain, the text was signed two days earlier, ad referendum, by the Minister of Foreign Affairs, José Manuel Albares. Likewise, the Council of Ministers has arranged for its submission to the Cortes Generales and has authorised the manifestation of Spain's consent to be bound by said agreement. “The Republic of Chile and the European Union are privileged partners that share a long-standing relationship,” the Council of Ministers recalled. “Chile was the first country in Latin America in which the European Commission established a local representation in 1967 and the first country in South America to sign an Association Agreement with the European Union in 2002,” it added. Therefore, it continued, the conclusion of the advanced framework agreement between the EU and Chile constitutes “an important milestone for the achievement of one of Spain's traditional political priorities and one of the objectives of the Spanish Presidency of the Council of the EU: strengthening the role of the European Union in Latin America and the Caribbean and relaunching and revitalizing the bi-regional strategic partnership.” The signing took place in Brussels on December 13, 2023, once the ratification processes had been completed. The ceremony was attended by the European Commission's economic vice-president, Valdis Dombrovskis; Chilean Foreign Minister Alberto van Klaveren Stork, the then High Representative for Foreign Policy of the EU, Joseo Borrell, and, representing the Spanish Presidency, the then First Vice-President of the Government, Nadia Calviño, and Minister José Manuel Albares. The Advanced Framework Agreement and the modernised Interim Trade Agreement seek to promote mutual benefits, foster economic growth and create new opportunities for SMEs. The agreement is also expected to contribute to the ongoing green transition on both sides. Strengthening political and economic relations between the EU and Chile, as well as deepening cooperation and trade, are the key objectives of the new agreement. It will effectively contribute to addressing emerging global challenges, such as the consequences of the Russian invasion in Ukraine, addressing issues such as global inflation, disruptions in supply chains and the energy crisis. With this agreement, 99.9% of EU exports to Chile will be exempt from tariffs, while Chilean products will have “faster” access to the EU single market. In addition, thanks to the elimination of tariffs, the EU expects an increase in exports to Chile of up to 4.5 billion euros.

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