25 years after the entry into force of the Agreement, trade between Chile and Mexico reached US$3,435 million in 2023, experiencing an average annual growth of 3.9% since 1998.

This morning in Abu Dhabi, within the framework of the 13th Ministerial Conference of the World Trade Organization (WTO), the Undersecretary of International Economic Relations of Chile, Claudia Sanhueza, and the Undersecretary of Foreign Trade of Mexico, Alejandro Encinas Nájera, signed the terms of reference (ToR) for the Modernization of the Free Trade Agreement (FTA) between both countries, which has been in force since 1999.

Undersecretary Sanhueza pointed out that, in the context of the celebration of 25 years since its entry into force, “this agreement has been a fundamental pillar in strengthening our bilateral relationship,” where Mexico “has consolidated its position as our seventh trading partner. tracing a successful trajectory that we deeply appreciate and value.”

The modernization contemplates the inclusion of two new chapters with an inclusive approach: Commerce and Gender, and Micro, Small and Medium Enterprises (MSMEs).

“The signing of these Terms of Reference is an important milestone in our roadmap towards the modernization of this agreement, and we are excited to be able to move towards a more inclusive and equitable agreement that benefits our MSMEs, promotes the empowerment of the companies led by by women and we can begin a new era in our relationship, one that is full of growth, support, respect, cooperation and friendship,” added the undersecretary.

The authority of the Chilean trade organization also announced that in commemoration of the 25 years since the entry into force of the CET, they are working on a joint project to identify gaps in its use, with a special focus on women and MSMEs.

“We want this anniversary to not only be an occasion to look back, but also an opportunity to look to the future and ensure that our agreement reflects the current needs of both countries,” he concluded.

CHILE-MEXICO COMMERCIAL EXCHANGE

- 25 years after the entry into force of the Agreement, trade between Chile and Mexico reached US$3,435 million in 2023, experiencing an average annual growth of 3.9% since 1998.

- Exports grew from US$ 500 million in 1998 to US$ 1,751 million in 2023, recording an average annual increase of 5.2%.

- Imports, for their part, went from US$ 847 million in 1998 to US$ 1,684 million in 2023, registering an average annual increase of 2.8%.

- The number of Chilean companies with sales to Mexico tripled, going from 292 exporters in 1998 to 1,058 exporters in 2023.

- In 2023, Mexico was positioned as the main destination for Chilean exports of mineral fertilizers, canned peaches, multilayer cardboard, wood particle boards, gouda cheese, peach pulp, fresh garlic and detonating capsules for mining, among others. .

In 2023, Mexico was:

- 3rd destination for Chilean forestry exports.

- 4th destination for agricultural exports.

- 4th Largest Foreign Investor in Chile, compared to Latin American countries.

- 5th destination for non-traditional exports.

- 5th destination for food exports.

- 6th destination for service exports.

- 6th destination for exporting MSMEs.

- 7th destination for fishing and aquaculture exports.