EU-Chile Move Closer to Formalizing Trade Deal
The Council of the EU on March 18 cleared the final hurdle to ratification of the EU-Chile bilateral trade agreement (see 2312050013), the council announced. After Chile completes its "internal ratification process" and the two sides have "communicated the completion of their respective internal procedures," the deal will take effect on "the first day of the third month following the date of notification," the council said.
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The deal centers on "trade and investment liberalisation" and updates the current EU-Chile association agreement, the council said. The deal will put in place tariff-free trade on around "99.9% of EU exports" and greater access to "raw materials and clean fuel," including lithium, copper and hydrogen.