Ninety-six Nicaraguan products will enter Chile tariff-free.
On the other hand, 67% of Chilean products will enter Nicaragua duty free.
The Treaty was signed on February 21st, 2011, in Nicaragua; it excludes are gold and scrap metal, considered sensitive products for both countries.
Jose Adan Aguerri, president of the Superior Council of Private Enterprise (COSEP), told La Prensa that the commercial agreement was reached because both governments and private sectors of both sides were able to recognize the asymmetry differences in production favoring Chile.
Negotiatiors for both delegations agreed on "taking the excellent bilateral relationship to the next level with the implementation of a Comprehensive Association Agreement Chile-Costa Rica (AIA)", during the bi national meeting in San José.
Under the agreement, 96% of Nicaragua's export products will enter Chile duty-free.
The Legislative Assembly has ratified a Bilateral Protocol Initiative Decree between Nicaragua and Chile of the Free Trade Agreement between Central America and Chile, signed on February 22.
"The president of Congress’ Economic Affairs Committee, the Sandinista Wálmaro Gutierrez, stressed to the House that this FTA will allow Nicaragua to access a market of 15 million inhabitants and whose gross domestic product (GDP) per person is $15,000", reported Proceso.hn
The Ministry of Trade and Industry has reported that in September this year there will be a trade mission to Chile and Peru.
The Minister of Trade and Industry, Roberto Henriquez, reported that from the 5 to 9 September this year there will be a Trade Mission to Chile - Peru, with the participation of 15 domestic producers of fresh fruits, vegetables, fish, shrimp, processed food, housewares, toys, footwear, cooling services, logistic services and the Colon Free Zone.
The Chilean Export Promotion Agency is planning to hold business conferences in Costa Rica in the months of April and August 2013.
The FTA between Costa Rica and Chile will celebrate 10 years of being in operation, and has been a fundamental tool for the growth of trade between the two countries, which at the end of 2011 reached $237 million, with a balance in Chile's favor of $182 million.
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