Home / Knowledge / News / Textiles / China-Chile upgraded FTA: No tariffs on Chinese textiles

China-Chile upgraded FTA: No tariffs on Chinese textiles

08
Mar '19
Pic: Brian Patrick Tagalog on Unsplash
Pic: Brian Patrick Tagalog on Unsplash
The Latin American country of Chile has abolished tariffs on Chinese textiles and clothing items, with the coming into force of China-Chile upgraded free trade agreement (FTA) with effect from March 1. The China-Chile Free Trade Zone has become China’s free trade zone with the highest level of open trade, according to China’s ministry of commerce.

The ‘Revised China-Chile Free Trade Agreement and Supplementary Agreement on Trade in Services of the Free Trade Agreement’ is China’s second FTA upgrading agreement after the upgraded China-ASEAN FTA. It is also China’s first FTA upgrading agreement with a Latin American country.

“The agreement further explores the potential of bilateral economic and trade cooperation, enhances the level of trade liberalisation and facilitation between the two countries, and enriches the comprehensive strategic partnership between the two countries, which is of great significance for further deepening the economic and trade cooperation between China and Latin America,” Chinese ministry of commerce said on its website.

With the coming into force of the upgraded FTA, 98 per cent of the products under bilateral trade would enjoy zero tariff.

The agreement has also revised and supplemented the chapters including the rules of origin and economic and technical cooperation, and added new rules on topics including e-commerce, competition, environment and trade.

The China-Chile FTA was signed in 2005 and was implemented in 2006. To promote the cooperation in services and investment areas, both sides signed and implemented the supplementary agreements concerning trade in services and investment that were signed in April 2008 and September 2012 respectively. In November 2016, China and Chile launched the FTA upgrading negotiations and signed the same in November 2017.

In 2018, China-Chile bilateral trade stood at $42.8 billion, registering an increase of 24 per cent year-on-year, according to official data of the Chinese government. China now accounts for almost one-third of Chile’s total foreign trade.

While Chile mainly exports mineral and forestry products to China, it mainly imports textiles, light industrial products, electronic and machinery products from China. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Master plan to reshape clothing sector in S Africa

Apparel/Garments | On 25th Jun 2019

Master plan to reshape clothing sector in S Africa

A master plan submitted to the Department of Trade and Industry in...

Pak's pending textile sector refunds Rs 200 bn

Textiles | On 25th Jun 2019

Pak's pending textile sector refunds Rs 200 bn

Pakistan has to pay Rs 200 billion as pending textile sector refunds, ...

Withdraw advance tax on textile machinery import: BTMA

Textiles | On 25th Jun 2019

Withdraw advance tax on textile machinery import: BTMA

The Bangladesh Textile Mills Association recently urged the...

Interviews View All

Claudia Kersten, Global Organic Textile Standard

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Maya Simova,

Maya Simova

Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Tahweave & Garo, Sweta Tantia

Tahweave & Garo
Sweta Tantia

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search