UK firms up trading relationship with Chile

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The UK has looked to sure-up its trading relationship with Chile after the signing of a new trade continuity agreement.

Signed by Jamie Bowden, Ambassador to Chile an the Chilean Foreign Minister Roberto Ampuero on 30th January, the deal will see companies and consumers cotinue to benefit from preferental trading arrangements after Brexit.

Trade in goods and services between the two nations has been steadily growing for over a decade, with near 9% annual average growth since the initial agrement was agreed back in 2003.

This continuity agreement will ensure that the relationship continues to prosper with UK expots to Chile having grown some 351%.

The news will be particularly sweet for anyone who bougfht one of the 105 million bottles of Chilean wine sold in the UK last year, with the deal meanning no new tarrifs being itnrduced after the UK leaves the EU.

As well as confirming future trading relations, the deal also allows both British and Chilean companies to bid for certain public sector contracts across the Atlantic.

Read more: Nearly half of UK firms not prepared for chaotic Brexit

International Trade Secretary, Liam Fox said of the deal that: “Today we have signed an important trade continuity agreement as we prepare to leave the European Union. This will ensure there is no disruption to British business exporting to Chile after we leave the EU and will mean consumers continue to benefit from low prices and more choice on supermarket shelves.

“Our trading relationship with Chile continues to go from strength to strength, with exports rising over 20% to almost £1 billion last year. This free trade agreement will allow trade to continue as freely as it does currently and will help to strendgthen our trading relationship even further.”

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