Temer: agreement with Chile brings concrete benefits to both countries

Less bureaucracy, more legal certainty and higher regulatory standards. According to President Michel Temer, these are the main advances brought by the Free Trade Agreement that will be signed by himself and Chilean president Sebastian Piñera on Wednesday (21 November).

In an article published in Brazilian newspaper "O Estado de S. Paulo", Temer points out that "the Brazil-Chile Free Trade Agreement brings tangible benefits to those who live, work and do business in both countries." Some of the advantages highlighted by the president included simplified procedures for exports and imports, higher-quality goods and services, legal certainty for investors and greater protection for consumers.

“It finally creates better conditions for competitiveness in Brazil and Chile, contributing to the progress of the two countries and for the well-being of Brazilians and Chileans," the president summarised.

Brazil also wants the agreement to contribute to a rapprochement between Mercosur and the Pacific Alliance and stronger regional integration.

Chile is Brazil's second largest trading partner in South America. In 2017, bilateral trade between the two reached US$ 8.5 billion, up 22% since the same period of last year.

As of September this year, Brazil-Chile trade had reached US $ 7.21 billion, an increase of more than 13% over the same period of 2017. Brazil is still Chile's largest trading partner in Latin America and the main destination of Chilean investments abroad, with a Foreign Direct Investment (FDI) stock of about US$ 35 billion.