Bolivia and Chile to update their economic relation

By PPO Abogados

During a meeting of businessmen from both countries -II Reunión del Consejo Empresarial Chile-Bolivia-, authorities from Bolivia and Chile agreed to strengthen their trade relations.

“In order to advance our collaborative efforts in matters that have a profound economic, commercial and social impact, it is essential to deepen real knowledge and convergence between the two countries,” stated Antonia Urrejola, Chile’s Minister for Foreign Affairs.

The meeting basically helped companies from both countries to find a common ground with government officials on updating the ACE 22, an agreement on economic cooperation between Bolivia and Chile that entered into force in 1993.

Bolivia is a founding member of the Andean Community, under which it has signed the economic complementarity agreement with Chile, which looks to facilitate, expand and diversify the commercial exchange of goods and services between the countries, promoting and stimulating productive activities and investments. 

The agreement eliminates and reduce tariffs on an explicit lists of products. It also contains provisions on rules of origin, safeguards, unfair trade practices and competition, internal taxes, investment, energy complementarity and economic cooperation in areas such as sanitary and phytosanitary measures, technical regulations and commercial information and promotion of trade, the environment and intellectual property rights.