The EU-Chile Agreement Text: What You Need to Know
The European Union and Chile have a long-standing partnership based on shared values of democracy, human rights, and free trade. In order to strengthen their relationship, the two parties signed the EU-Chile Association Agreement in 2002 which entered into force in 2003. This agreement set the stage for closer political, economic, and cultural ties between the EU and Chile.
Since the agreement was signed, the two parties have been working to update and modernize it to reflect the changing dynamics of the global economy. After years of negotiations, a new version of the agreement was finally reached in 2019, known as the modernization of the EU-Chile Association Agreement. The text of this agreement has now been released and it contains important provisions for both EU and Chilean businesses.
One of the key elements of the new agreement is the elimination of tariffs on almost all products traded between the EU and Chile. This means that EU companies will have greater access to the Chilean market and vice versa, leading to increased trade and investment opportunities. The agreement also includes provisions to facilitate trade in services, such as telecommunications and e-commerce, which are becoming increasingly important in today`s digital economy.
In addition, the agreement contains important provisions on intellectual property rights. These provisions aim to protect EU companies` patents, trademarks, and copyrights in Chile and vice versa, providing greater legal certainty and protection for businesses operating in both markets. The agreement also includes measures to protect geographical indications, such as champagne and parmesan cheese, which are products with a specific regional origin that are highly valued by consumers.
Another key element of the agreement is the commitment to sustainable development. Both the EU and Chile have agreed to uphold environmental and labor standards, and to promote responsible business conduct. This includes measures to combat climate change, protect biodiversity, and ensure that workers` rights are respected.
Overall, the new EU-Chile Association Agreement text represents a significant step forward in the partnership between the EU and Chile. It will bring tangible benefits to businesses, consumers, and citizens of both parties. However, it is important that all stakeholders are aware of the provisions of the agreement and how they will be implemented in practice. As such, it is likely to be a topic of much discussion in the years to come.