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MNI BRIEF: EU, Chile In Deal To Boost Trade Agreement

(MNI) LONDON
(MNI) Brussels

The European Union and Chile have reached a deal to boost their 2002 comprehensive trade agreement, with Brussels hoping for improved access to raw materials, such as lithium, which will be key to the Europe's green transition.

Brussels hope the deal would mean 99.9% of EU exports would be tariff free, which could increase EU exports to Chile by up to EUR4.5 billion. Greater access to raw materials and clean fuel crucial for the transition to the green economy, such as lithium, copper, and hydrogen, is a central element in the Advanced Framework Agreement between the two sides.

The EU’s need to find reliable and friendly suppliers of strategic raw materials is becoming a key driver of its trade agenda, and is also a key political driver of the EU-Australia FTA talks, which are expected to be concluded by mid-2023. Those talks were stalled by the AUKUS announcement in 2021, when Australia abandoned a submarine deal with France.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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