Chile Becomes a Member of the Trans-Pacific Partnership
Other Fresh Fruits
Fruits
Chile
Regulation & Compliances
Tomas Nunez
Published Feb 25, 2023
Chile has officially become the eleventh member of the Trans-Pacific Partnership (TPP) as a full member, joining other signatories such as Australia, Brunei Darussalam, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The government stated that Chile recently participated in a virtual meeting coordinated by New Zealand as the host country. Chile has also secured side letters to resolve disputes with Australia, Canada, Malaysia, Mexico, and New Zealand, with some already signed. The TPP-11 will lead to tariff reductions for approximately 1.2K products, benefiting Chile's exports to member countries while lowering the cost of importing some products. According to Chile's Minister of Finance, the move enables Chile to join a bloc of countries that share a similar approach to foreign trade. Chile will benefit from a cost reduction of tariffs for many products, which could significantly improve its performance for national exports in the long term.
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