U.S. Chamber Hails Signing of U.S.-Chile Trade Agreement

WASHINGTON, D.C. – The United States Chamber of Commerce hailed today's signing of the U.S.-Chile Free Trade Agreement and urged Congress to move quickly to approve it.

"To keep our economy growing, we need additional trade agreements to create new opportunities for American businesses and workers," said U.S. Chamber President and CEO Thomas Donohue. "The agreement with Chile will slash trade barriers, protect investors, and ensure the competitiveness of American companies in the global marketplace."

Trade in goods and services between the U.S. and Chile surpassed $8 billion in 2002. Chile is currently the 6th largest market for U.S. exports to Latin America, while the U.S. is the largest export market for Chilean products.

On February 1, Chile's free trade agreement with the European Union came into force, eliminating tariffs on over 90 percent of E.U. products sold in Chile. The value of Chilean imports from the E.U. is growing five times as quickly as imports from the U.S., which continue to face tariffs of at least 6 percent. Approval of the U.S.-Chile Free Trade Agreement will level the playing field for U.S. companies.

"The agreement with Chile is significant because it underscores U.S. commitment to trade liberalization in the Americas," Donohue added. "It's a shot in the arm for the Free Trade Area of the Americas negotiations."

The U.S. Chamber is among the leaders of the quickly growing U.S.-Chile Free Trade Coalition. More than 250 companies and business organizations have joined the coalition in the months since negotiations for the agreement were completed on December 11, 2002.

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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