The Spanish presidency reaches one of its main milestones with the signing of the modernisation of the EU-Chile trade agreement

The Spanish presidency set as a priority the expansion and diversification of EU trade relations, with a special focus on Latin America and Chile as a major partner in the region.

The signing ceremony was attended by Nadia Calviño, First Vice-President and Minister for Economy, Trade and Enterprise; José Manuel Albares, Minister for Foreign Affairs, European Union and Cooperation; Valdis Dombrovskis, Executive Vice-President of the European Commission and Commissioner for Trade; Josep Borrell, High Representative of the Union for Foreign Affairs and Security Policy, and Alberto van Klaveren Stork, Chile's Minister for Foreign Affairs.

Image of the participants in the signing ceremony of the Advanced Framework Agreement and the Interim Trade Agreement between the European Union and the Republic of Chile

The First Vice-President, Nadia Calviño, said that "the EU-Chile trade agreement will contribute to improving the EU's strategic autonomy, strengthening the security of supply and export opportunities for our companies".

It is an ambitious and progressive agreement that will lower existing barriers to bilateral trade in goods and services and allow better access to raw materials and clean fuels crucial for the transition to a green economy, such as lithium, copper and hydrogen.

It also improves access to public procurement markets, and specifically considers the needs of small and medium-sized enterprises and the protection of intellectual property, including geographical indications.

Particularly noteworthy are the provisions of the trade and sustainable development chapter of the agreement, which contain a high level of ambition and cover aspects such as labour standards, environment, climate change, fisheries and Corporate Social Responsibility, including a chapter on sustainable food systems, the aim of which is to make food supply chains more sustainable and resilient.

These commitments have been strengthened through a Joint Declaration on Trade and Sustainable Development, which complements the agreement reached.

The agreement is also one of the pioneers in the inclusion of provisions on gender equality, a very relevant issue for both the EU and Spain, but also for Chile. The importance of gender mainstreaming in policies for inclusive economic growth is recognised.

Moreover, the Advanced Framework Agreement contains clauses of a political and cooperation nature, as well as commitments in trade matters that require ratification by the EU member states, as they are a competence shared among them, such as the provisions on investment protection.

Following today's signature, the European Parliament will be asked to give its consent so that the Council can take the necessary decisions to conclude the agreements. Once both parties have completed their internal procedures, the agreement can enter into force.

Non official translation