Trinidad and Tobago, Chile working to finalise trade agreement

TT and Chile are close to finalising a partial scope trade agreement, which was signed in 2020.

In June, the fourth round of negotiations was completed.

Speaking at the TT Coalition of Service Industries (TTCSI) Doing Business with the World Series webinar last week Wednesday, Chilean Ambassador to TT Hernan Nunez Montenegro said the fifth and hopefully final round of negotiations will take place in Port of Spain next December.

Once completed, the trade agreement will allow TT exporters entry into the Chilean market and access to over 19 million people at preferential rates of duty.

TTCSI president Mark Edghill welcomed the advances being made with the trade agreement and said local businesses look forward to greater co-operation in trade facilitation and electronic trade.

Chile is one of TT’s largest importers of LNG.

In 2017, TT supplied 92 per cent of Chile’s LNG imports, valued at approximately US$650 million, and also accounted for 38 per cent of exports from Chile to Caricom.

In 2022, according to UN COMTRADE data, Chile imported US$652.63 million worth of goods from TT – which comprised mineral fuels, oils, distillation products and inorganic chemicals.

Meanwhile, Chile’s exports to TT were valued at US$26.73 million, as both countries sought to recover from the covid19 pandemic.

The key items traded included wood pulp, wood articles and cellulose; vegetable, fruit and nut preparations, as well as edible fruits; cereals, flours and starches; and paper and paperboard products.

“One thing we are very happy about is Chile’s growing love affair with our Trinitario cocoa and Angostura bitters,” Edghill said.

He applauded Montenegro for his efforts in diversifying the products Chile imports from TT, expanding from a substantial energy sector trade relationship.