CCFTA

1. Trade Liberalization and Market Growth

• Tariff elimination: At its launch, the CCFTA removed tariffs on 75% of bilateral trade, reducing costs for exporters and consumers in both countries.

• Rapid trade growth: Within the first decade, trade in goods grew more than 300%, rising from $718 million in 1996 to $2.7 billion in 2010.

• Services expansion: Bilateral service trade also grew steadily, reaching $164 million by 2005, reflecting deeper economic integration beyond goods.

• Canadian exports and imports: The agreement opened opportunities in sectors such as mining, agriculture, and manufactured goods, helping diversify trade relations.

2. Investment and Agreement Expansion

• Canadian investment leadership: By 2010, Canadian investments in Chile reached $13.3 billion, making Canada the largest source of new foreign investment in the country.

• Financial services chapter: In 2012, the CCFTA was expanded to include financial services, allowing Canadian institutions preferential access to Chile’s financial sector. This chapter came into effect in October 2013, ensuring fair competition with local and global players.

• Ongoing modernization: Canadian governments, including under Prime Ministers Stephen Harper and Justin Trudeau, have continued to update and expand the CCFTA to reflect new trade priorities and ensure it remains relevant in today’s global economy.