The Chilean government has approved the Malaysia-Chile Free Trade Agreement (MCFTA), reports Bernama.com.
Malaysia's Chilean ambassador Christian Rehren said Chile's National Congress gave the FTA the green light on Wednesday (December 14), and the deal is expected to come into play from January 1, 2012.
"It is now in the administrative process and will be published to the public in the next few days. This is a milestone in terms of bilateral relations between Malaysia and Chile," Rehren told Bernama.
"This is the first bilateral FTA that has been signed between Chile and an Asean country. For Malaysia it is also very relevant because it is the first bilateral FTA signed with a Latin American country," he added.
Rehren said Chile expected growth in exports like fresh fruit as a result of the FTA.
Negotiations for the MCFTA began in June 2007.