The EU has come to an agreement with Chile that would facilitate access to lithium, copper, and other minerals critical to the country’s renewable energy industry as it shifts away from Russian gas.
According to the European Commission, Chile will remove tariffs on all imports except sugar and facilitate EU investment. As it attempts to diversify its resource imports away from China, Brussels views the Latin American nation as a crucial strategic ally.
The agreement will deepen EU-Chile relations and provide new opportunities for EU businesses in Latin America’s fifth-largest economy. 99.9% of EU exports will be tariff-free, which is expected to increase EU exports to Chile by up to EUR 4.5 billion. The agreement contains major commitments on sustainable trade, notably on multilateral environmental and labour standards, climate, energy, and raw materials, as well as gender equality and sustainable food systems. The agreement will eliminate tariffs on EU exports to Chile, which is expected to increase EU exports by up to EUR 4.5 billion. The deal will also give more opportunities for Chilean citizens to provide their services in the EU.
