The EU Chile Interim Trade Agreement (ITA) has entered into force, following the completion of Chile’s ratification process.
The ITA, which was signed in December 2023, is of key geopolitical importance and aims to boost the competitiveness of businesses on both sides, while providing a shared platform for the development of Net Zero economies.
The work will be further underpinned by ongoing initiatives under the Global Gateway, such as the production of green hydrogen in Chile – the third biggest EU trading partner in Latin America – and development of critical raw materials value chains for lithium and copper.
The agreement will enable the EU and Chile to cooperate as ‘like-minded, lasting partners on global challenges’, such as the de-risking of supply chains and the fight against climate change, and comes amid a tense international trade environment with the US introducing tariffs on Canada (25%, 10% on energy), Mexico (25%) and China (10%), and having Europe in its sights next.
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