COLOMBIA SIGNS FREE-TRADE AGREEMENT WITH CHILE.
The governments of Chile and Colombia negotiated and signed a free trade agreement (FTA) on Nov. 27, less than two months after the two countries had begun negotiations. Colombian President Alvaro Uribe and Chilean President Michele Bachelet presided over a signing ceremony at La Moneda presidential palace in Santiago, Chile, after the deal was negotiated in record time. This brings Chile's total number of FTAs to 54. In Colombia's case, it complements the deal the government negotiated with the US and is hoping the US Congress will ratify. November's agreement sought to expand and deepen the Acuerdo de Complementacion Economica (ACE-24) that has been in force between the two countries since 1994, which includes measures to remove tariffs on 95% of products traded between them until 2011.
Record negotiation time
"It has been very pleasant making this treaty with the government of President Bachelet because of her executive ability," said Uribe. "Little speech-making, much decision-making. Little time for deliberation and much decision, much speed. It is a great example for Latin America."
Uribe said the deal would be important in integration efforts among the continent's countries and for treaty negotiations with other regional blocs, now that Chile is part of the Comunidad Andina de Naciones (CAN). "The entry of Chile as an associate member of the Andean Community is fundamental, Madam President, in the integration of the Americas. And I am going to recognize here that it constitutes a great support for an agreement between the CAN and the European Union (EU)."
Bachelet also highlighted the speed and importance of the process, saying, "It seems to us that this work scenario that we have carried forward and that we are going to continue allows us to reach a maturity in our relations and is of great relevance for our countries."
Bachelet said there was a progressive maturation to bilateral relations between Colombia and Chile, shown by an increase in economic relations. "On one side, our commercial exchange increased from US$430 million in 2001 to US$690 million in 2005. On the other, Chilean investments in Colombia have increased, reaching a total of US$3.6 billion between 1990 and 2005," said Bachelet. She said the agreement had the greatest coverage of any signed between two Latin American countries.
The agreement was negotiated in only two rounds: one in Santiago on Oct. 9-14 and a second in Barranquilla, Colombia, on Oct. 23-27. The...
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