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Financial News: CHILE: Country And EU Launch Talks To Update

CHILE: Country And EU Launch Talks To Update Association Agreement

11/13/2017 - 22:32:00 (RTTNews)

(RTTNews) - The European Council approved the start of negotiations to update European Union's (EU) association agreement with Chile. Besides strengthening cooperation, the move aims at reducing consumer prices, improve market access and create opportunities for growth and employment.

Political and economic ties between the EU and Chile are governed by an association agreement signed in 2002. The new agreement would seek to update what was agreed at that time.

Regarding trade issues, with the current agreement, "Chilean exports of agricultural and food products and services to the EU have almost tripled, and EU exports to Chile have doubled in most sectors," the European Council said in a statement.

However, the Council emphasized that the existing agreement does not address some important trade and investment issues, such as specific provisions on investment, non-tariff barriers, intellectual property rights and some geographical indications and contributions to sustainable development that will be discussed in the updated agreement.

The first round of talks is scheduled for November 16.

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