U.S. Chamber Welcomes U.S.-Chile Trade Announcement -- Support Pending Final Details

WASHINGTON, D.C. — The United States Chamber of Commerce welcomed today's announcement by U.S. Trade Representative Robert Zoellick and Chilean Foreign Minister María Soledad Alvear that negotiators had concluded a free trade agreement. Pending an analysis of the agreement, the Chamber commended the U.S. and Chilean governments for their efforts.

"A final agreement will pave the way to a substantial expansion of trade ties between the U.S. and Chile once it is implemented. It will immediately boost bilateral trade and investment opportunities, to the ultimate benefit of both nations," said Chamber Vice President for Western Hemisphere Affairs John Murphy.

"The agreement is also significant because it underscores U.S. commitment to trade liberalization in the Americas, providing much needed impetus for the Free Trade Area of the Americas negotiations," he added.

Trade between the United States and Chile reached $6.6 billion in 2001. Chile is currently the 6th largest market for U.S. exports in Latin America, while the U.S. is the largest export market for Chilean products.

Details of the accord have yet to be released. The Chamber is eager to review the agreement prior to recommending the agreement to Congress.

A mutually beneficial free trade agreement will advance U.S. interests in numerous ways, including improved market access for agricultural and manufactured goods and services, strengthened intellectual property and investor protections and nondiscriminatory government procurement, according to the Chamber.

"Once we verify that the agreement is consistent with these priorities, the Chamber will make Congressional approval of the accord a top priority for 2003," Murphy said.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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