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China, Chile mull upgrading FTA

CCTV.com

05-27-2015 04:33 BJT

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Chinese Premier Li Keqiang is on his last stop in Latin America -- Chile, the two countries signed a series of deals and agreed to explore the possibility of upgrading their decade-old free trade agreement this year.

China and Chile are deepening their ties in trade and finance. On Monday, the two countries signed a joint declaration, saying that the studies of upgrading the current FTA will start no later than August. Chile is the first country in Latin America to have signed an FTA with China--whih pushed up bilateral trade by four times in ten years. Analysts say the FTA upgrading is expected to cover more products and bring more tax cuts.

China and Chile are deepening their ties in trade and finance. On Monday, the two countries signed a joint declaration, saying that the studies of upgrading the current FTA will start no later than August.

China and Chile are deepening their ties in trade and finance. On Monday, the two countries signed a joint declaration, saying that the studies of upgrading the current FTA will start no later than August.

In the finance sector, China and Chile signed a three -year currency swap agreement valued at 22 billion yuan. China also agreed to grant a 50 billion yuan quota to renminbi qualified foreign institutional investors in Chile. Meanwhile, China Construction Bank was appointed as the yuan clearing bank in Chile. 

"We hope to create more and new number ones. During my visit to Chile, we will decide to establish the yuan clearing bank in Chile, which will also be the first yuan clearing bank in South America," Premier Li said.

"Our central banks have agreed to use the renminbi (yuan) in transactions between both countries, to facilitate bilateral trade and investments," said Michele Bachelet, President of Chile.

The two countries also signed bilateral business contracts and governmental accords in areas including politics, mining, agriculture, production capacity and science and technology. This year marks the 45th anniversary of the establishment of China-Chile diplomatic ties. Premier Li called on the two countries to strengthen communication and coordination in regional and international affairs and boost people-to-people exchanges.

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