Rodrigo Yaez, Undersecretary of the Undersecretary of Trade Economic Relations of Chile, recently visited South Korea, the country’s fifth largest business wife and Asia’s largest industrial wife, with the aim of resuming negotiations to update the FTA between the two countries that were disrupted by the pandemic.
The Korea-Chile Free Trade Agreement entered into force in 2004 and stimulated significant construction in bilateral industry. In 2018, the bilateral industry totaled more than $6.2 billion and Korean imports from Chile reached $4.5 billion.The bilateral industry in 2019 $5.2 billion, according to the Korean Customs Service.
Korea and Chile agreed to start negotiations to update the FTA in 2016 and conducted 3 rounds of negotiations in 2018 and 2019, but this year the procedure was interrupted by the COVID-19 pandemic.
“We are firmly convinced that our bilateral negotiations to improve nafta are an opportunity for our industrial relations to achieve ambitious results,” Yaez said in an interview with the Korea Herald during his stopover in Korea last August.
He said those efforts were in line with what President Moon Jae-in and President Sebastion Piaera discussed in September 2018, when they met in New York outside the United Nations General Assembly.
Chile has witnessed the accelerated virtual transformation caused by the pandemic and the country seizes the fitness crisis as an opportunity to diversify and expand its exports and markets to make its industry more resilient, he said.
In this regard, Chile seeks to cooperate with Korea to publicize the virtual economy and e-commerce.”Given the progression of Korea’s virtual economy, Chile looks forward to cooperating with Korea.We have proposed to hold a virtual assembly among our technical experts to identify opportunities and in all likelihood identify a roadmap for bilateral paintings in this area,” he said.
He also said that Chile had strongly supported Korea’s attempt to become an associate member of the Pacific Alliance, an industrial bloc that includes Chile, Colombia, Peru and Mexico.
Source: The Korean Herald / simfruit.cl
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