Search this article on Google: How-To Understand the Key Provisions of the Canada-Chile Free Trade Agreement
How-To Guide: Understanding the Key Provisions of the Canada-Chile Free Trade Agreement
Step 1: Overview of the Agreement
- Gain a general understanding of what a free trade agreement is.
- A trade agreement that eliminates taxes or tariffs between two or more countries.
- It tends to increase trade and economic growth.
- Study about the history of Canada–Chile Free Trade Agreement (CCFTA).
- It’s one of Canada’s oldest free trade agreements, in effect since July 5, 1997.
- The agreement was expanded in 2019 to include more provisions.
Step 2: Understanding the Key Provisions of CCFTA
- Read about the key provisions in depth.
- Market Access for Goods
- Immediate elimination of tariffs on 75% of products.
- Gradual elimination of the rest over a set period.
- Rules of Origin
- To qualify for tariff-free access, a product must originate in Canada or Chile.
- Trade Facilitation
- Measures to simplify and expedite the movement of goods.
- Trade in Services
- Allowances for cross-border supply of services.
- Investment
- Protection for investors and investments of both nations.
- Intellectual Property
- Provisions to protect copyright, trademarks, patents, etc.
- Market Access for Goods
Step 3: Practical Implications of the Agreement
- Analyze how the agreement affects Canada and Chile.
- Economic Impact
- Determine how it boosts bilateral trade between the nations.
- Identify sectors that benefit the most from this agreement.
- Social Impact
- Understand how it affects employment and wage levels in both countries.
- Evaluate if it has led to improvement in the quality of goods and services.
- Economic Impact
Step 4: Reviewing Amendments and Updates to CCFTA
- Stay abreast with any amendments or updates to the CCFTA.
- Monitor official websites of both countries’ trade departments.
- Subscribe to newsletters or alerts related to international trade.