The Chile-United Kingdom Association Agreement came into force on January 1, 2021, following the United Kingdom's exit from the European Union (EU) on the last day of 2020, according to the Undersecretariat of International Economic Relations.
This agreement extends the conditions of the Agreement between Chile and the EU to economic relations with London, which will ensure the continued shipment of Chilean products to the British market.
Ahead of the Brexit conclusion, Chile became the first country to sign such an agreement with the United Kingdom on January 31, 2019.
This mechanism contains a series of instruments to expand and modernize its coverage, by having an evolutionary clause for agricultural goods, which establishes that in a period of two consecutive years, the parties will review the situation of tariff liberalization for said products.
According to official data from 2019, in the case of Chile, 86 percent of shipments to the United Kingdom reached 1.214 billion dollars.
The European country is considered a strategic market for non-traditional exportable supply because 99,9 percent of the goods are copper shipments, Chile's main export item.
The United Kingdom is also the fourth largest investor in Chile, with a volume of 11.951 billion dollars until 2018, which represents 11 percent of British investments in the South American country.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
