Chile and Uruguay are reported to have signed a series of bilateral deals to strengthen trade relations between the two nations in what has been described as “one of the most advanced integration agreements in Latin America”.
During a private meeting on Monday 7 July, Chilean President Michelle Bachelet and her Uruguayan counterpart Tabaré Vázquez signed a Strategic Association Agreement.
In addition, the two Presidents inked an economic accord which aims to reduce taxes on trade between Chile and Uruguay, complementing the trade privileges the two countries share as members of the Mercosur South American trade group.
“By the end of this year, we’ll have complete free trade with Uruguay, which will permit Chile to obtain cheaper access to Uruguayan meat and will create a more favourable market in Uruguay for Chilean wine and fruit and other products,” said Chilean Foreign Minister Alejandro Foxley.
Ms Bachelet and Mr Vázquez also announced the creation of a bilateral commission intended to facilitate the coordination and exchange of social programmes.