Colombian and Chilean officials presented what they called Latin America's "most complete" free trade deal on Monday, promising to boost public investments and commerce between their countries.
The accord will ease bidding and hiring processes on ports, airports and other public works projects in both countries and increase bilateral trade that reached $1.5 billion last year, Colombian Trade Minister Luis Guillermo Plata said.
The deal, which builds on a 1993 economic accord between the two nations, was signed in November 2006 and ratified by both legislatures before taking effect on May 8.
Chile aims to increase exports to Colombia to $1 billion a year, Chilean Foreign Minister Mariano Fernandez said, giving no specific time frame. Chile sold $659 million in goods to Colombia in 2008, up 5.8 percent from 2007, according to Colombia's Foreign Trade Ministry. Its top exports included copper wire and apples.
Colombia meanwhile sold Chile $849 million in 2008, up 126 percent from 2007. Its top exports included coal, other oil derivatives and sugar cane.
"Chile doesn't mind having a trade deficit with Colombia. What matters to us is that trade expands," Fernandez said.
He also voiced support for Colombia's separate bid for a free trade deal with the U.S., which he said was in line with Chile's "own interests." Chile has had its own trade accord with the United States since 2004.
