Decision

8 July 2021: joint conclusions from the UK-Chile Association Council

Published 10 September 2021

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1. Trade Ministers from the UK and Chile met on 8 July on the occasion of the first Association Council under the new UK-Chile Association Agreement.

2. Ministers thanked points of contact from the UK-Chile Agreement Association Committee for ensuring the smooth entry into force of the agreement in January 2021 and subsequent effective implementation of its provisions. This has provided continuity and certainty for business.

3. Ministers approved the Committee’s plans to take forward discussions on exchange of data and methodological approaches to calculating tariff preference utilisation rates (PURs). This will be an important element of future work to maximise business opportunities of the agreement.

4. Ministers agreed the important role of the committee in identifying improvements to regulatory and operational frameworks and practices that would drive increased trade and investment. They welcomed the Committee’s offer to provide updates on this at the forthcoming trade dialogue.

5. Ministers reiterated the joint commitment within the Association Agreement to examine the relationship with a view to enhancing trade, including opportunities for further liberalisation, by December 2022.

6. Ministers also acknowledged that a modern trading relationship needs to reflect the new economic realities, noting the joint interest of the UK and Chile in sectors such as the digital economy and financial services. Ministers noted that UK accession to CPTPP will provide a relevant framework for modernisation in these areas.

7. Mindful of the need to turn words into action, they agreed the Committee’s roadmap to modernise and enhance the thriving trading relationship. This roadmap will be based on the principles set out in the Association Committee’s terms of reference.

8. The roadmap will take full advantage of opportunities provided by the Agreement, market access discussions taking into account the UK’s CPTPP process, and continued work through the annual Trade Dialogue to bring forward concrete improvements in trading conditions, using the most appropriate mechanisms available.

9. Ministers therefore asked that ahead of the next Trade Dialogue, based on the principles and timeline presented by officials at the Association Committee, the committee through an ad hoc trade enhancement and modernisation group would:

  • a. initiate an ad hoc Article 74 review working group with a focus on the December 2022 review. The first meeting of this group should be before the end of 2021

  • b. take forward work on certificates of origin with digital signatures and seals to reduce administrative burdens for business

  • c. in the run up to the annual Chile Day, continue engagement in financial services including on sustainable finance, capital markets collaboration and private sector cooperation

  • d. Begin a technical exchange of views on the digital economy

10. Through the roadmap, the ad hoc enhancement and modernisation group will continue to identify the most appropriate ways to improve trading conditions in these areas, including through the UK’s CPTPP accession process.

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