The Chile-United States Free Trade Agreement (FTA) is an agreement between the United States and Chile that went into effect on January 1, 2004. The agreement was designed to reduce and ultimately eliminate tariffs on goods traded between the two countries.
Under the Chile-United States FTA, more than 85% of trade in consumer and industrial goods between the two countries became duty-free immediately. The agreement also provides for the eventual elimination of tariffs on all products traded between the two countries.
In addition to reducing tariffs, the agreement includes provisions to protect intellectual property rights and investments. The agreement provides for the protection of patents, trademarks, and copyrights, and also includes provisions to protect investors from expropriation without compensation.
The Chile-United States FTA also includes provisions to promote environmental and labor standards. The agreement requires both countries to enforce their labor and environmental laws, and provides for the creation of a labor and environmental cooperation mechanism to ensure that the agreement`s provisions are being implemented.
The Chile-United States FTA has been beneficial to both countries since it went into effect. Trade between the two countries has increased significantly, and both countries have benefited from increased investment and job creation.
In conclusion, the Chile-United States Free Trade Agreement has been a successful agreement that has benefitted both countries. The agreement has reduced and eliminated tariffs on goods traded between the two countries, protected intellectual property and investments, and promoted environmental and labor standards. As trade continues to increase between the two countries, the Chile-United States FTA will continue to be an important agreement for both countries.