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EU-Chile Agreement: Parliament vote signals EU commitment to renew partnership with Latin American countries

1 Mar 2024
All Committees
Trade & External Affairs

The approval by the European Parliament of the EU-Chile Advanced Framework Agreement and its Interim Trade Agreement (ITA) is the latest success of EU trade policy in this mandate, showing the EU’s strong commitment to open trade and to stronger cooperation with Latin America. This deal will also allow the EU and Chile to adjust their trade relationship to common challenges (eg, climate change and geopolitical tensions) and deepen bilateral trade to access new growth opportunities.

Chile is an important partner for the EU, especially when it comes to the diversification of critical raw materials supply chains. The country supplies 26% of the world’s lithium and 27% of global production of copper. The modernised deal includes a dedicated energy and raw materials chapter, which will be key to help the EU securing its access to transition minerals and support its green transformation and its competitiveness. 

AmCham EU now urges the Council to adopt the trade part of the agreement before the European elections. Moreover, the EU should advance the conclusion and ratification of deals with other key like-minded countries in the region, such as trade agreements with Mexico and MERCOSUR.

Read more about AmCham EU’s recommendations on the crucial role that an open EU trade policy agenda can play in supporting economic growth, societal development, supply chain resilience, green and digital transition and competitiveness.