Chile underwent its Fourth Trade Policy Review (TPR) on 7 and 9 October 2009. The last review was in 2003. The TPR is part of the transparency process in the WTO to evaluate trade policies and practices of Members. The Chilean economy grew at an annual average rate of 4.8% between 2003 and 2008 due to strong domestic demand and export growth. Despite the international crisis, Chile’s per capita GDP reached US$10,087 in 2008 (2003: US$4,746), one of the highest in Latin America.
Chile maintains an open, transparent and predictable trade regime. Chile’s average applied MFN tariff is 6% while its entire tariff schedule is bound at an average of 25%, except for some agricultural products which are bound at 31.5%. Chile has a price-band system* for imports of wheat, flour sugar and vegetable oil. In response to questions raised on its price-band system, Chile indicated that it is considering replacing the system with fixed specific tariff.
In 2008, Chile’s merchandise exports was US$66.9 billion, comprising mainly mining products (copper ore) and agricultural products (wine, fruit, fish and forestry products). Total merchandise imports increased by 24% to US$56.5 billion in 2008, comprising mainly manufactured products.
Chile received strong inflows of foreign investment valued at US$17.455 billion between 2003 and 2008, mainly in electricity, gas, water, mining and communications sectors. The main source countries for investment capital flows were Canada, Spain, the United States and Mexico.
As at mid-2009, Chile has concluded 21 Regional Trade Agreements (RTAs) with 57 trading partners, which represent 92% of Chile’s total merchandise trade. However, Chile remains strongly committed to the multilateral trading system and supports a successful conclusion of the Doha Round.
Chile’s services regime is generally open. The services sector accounted for 67% of GDP. Under the WTO, Chile has made specific commitments in five sectors, namely, business services, communication services, financial services and tourism and travel services and transport services.
In 2008, Chile was Malaysia’s 4th largest trading partner among the Latin America countries after Brazil, Mexico and Argentina. Last year, Malaysia’s exports and imports to Chile were US$87.4 million and US$228.6 million respectively.
Details on the TPR of Chile is available at www.wto.org.
* Price-band system refers to specific duties added to ad valorem tariff when international reference price falls below the threshold price.
Chile maintains an open, transparent and predictable trade regime. Chile’s average applied MFN tariff is 6% while its entire tariff schedule is bound at an average of 25%, except for some agricultural products which are bound at 31.5%. Chile has a price-band system* for imports of wheat, flour sugar and vegetable oil. In response to questions raised on its price-band system, Chile indicated that it is considering replacing the system with fixed specific tariff.
In 2008, Chile’s merchandise exports was US$66.9 billion, comprising mainly mining products (copper ore) and agricultural products (wine, fruit, fish and forestry products). Total merchandise imports increased by 24% to US$56.5 billion in 2008, comprising mainly manufactured products.
Chile received strong inflows of foreign investment valued at US$17.455 billion between 2003 and 2008, mainly in electricity, gas, water, mining and communications sectors. The main source countries for investment capital flows were Canada, Spain, the United States and Mexico.
As at mid-2009, Chile has concluded 21 Regional Trade Agreements (RTAs) with 57 trading partners, which represent 92% of Chile’s total merchandise trade. However, Chile remains strongly committed to the multilateral trading system and supports a successful conclusion of the Doha Round.
Chile’s services regime is generally open. The services sector accounted for 67% of GDP. Under the WTO, Chile has made specific commitments in five sectors, namely, business services, communication services, financial services and tourism and travel services and transport services.
In 2008, Chile was Malaysia’s 4th largest trading partner among the Latin America countries after Brazil, Mexico and Argentina. Last year, Malaysia’s exports and imports to Chile were US$87.4 million and US$228.6 million respectively.
Details on the TPR of Chile is available at www.wto.org.
* Price-band system refers to specific duties added to ad valorem tariff when international reference price falls below the threshold price.