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| Saturday, August 30, 2008 05:50:11 |
Chile signs free trade agreement with China
China signed a free-trade agreement with Chilean President, allowing the South American country to increase sales of copper, fruit and fish oil in Chinese market, Bloomberg reported.
Under the accord, 92 percent of Chile's exports to China are tariff-free. The figure will rise to 99 percent by the end of 10 years' time, while some 97 percent of Chinese exports to Chile will be tariff-free after the same time span.
Trade between China and Chile, the world's biggest copper producer, increased to 6.99 billion US dollars in 2005, making China the Andean country's second-biggest trading partner behind the U.S., aid Bloomberg, quoted the Chilean government as saying. China is the world's largest user of copper.
This is China's first trade agreement outside of Asia, and may help turn Chile into a platform for Chinese investment in Latin America, Foreign Minister Alejandro Foxley said today.
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