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Chile and Nicaragua sign Bilateral Protocol to the Chile-Central America FTA

Managua, February 22, 2011

  • The Agreement will enable trade growth between the two countries, which totaled US $ 21. 2 million in 2010.

Managua, February 22, 2011.- The Chilean Embassy in Nicaragua announced that this morning the Ambassador of Chile to Nicaragua, Mr. Hernán Mena Taboada and  Mr. Samuel Santos Lopez, Nicaragua’s Foreign Minister, signed a Bilateral Protocol between the Republic of Chile and the Republic of Nicaragua to the FTA between Chile and Central America.

After being legally ratified by the two countries, the agreement will be enacted enabling the exchange of non-tariff products, which could further increase bilateral trade. Figures provided by the Directorate of Economic Relations of the Chilean Foreign Ministry indicate that bilateral trade between Chile and Nicaragua totaled US $ 21.2 million in 2010.

According to the aforementioned source, in 2010 Chile exported US $13. 2 million (excluding copper), to Nicaragua and imported US $8.0 million (excluding oil and natural gas) from that country.

In this regard, the Chilean ambassador expressed his satisfaction at the signing of the Protocol Agreement and predicted that its enforcement will increase and give momentum to trade relations between Chile and Nicaragua, since “both countries have complementary markets.” Hence, Chile can become a good market for meat, tropical fruits, shrimp, cocoa, coffee and rum from Nicaragua. With regard to rum, Chile has become the main foreign market .Nicaragua, in turn, can become a promising  market for Chile in manufactured products, packed foods, wine, hardware, services, etc.

Chile signed a Free Trade Agreement with  Central America in 1999 (Costa Rica,  El Salvador, Guatemala, Honduras  and Nicaragua). With the signing and enactment of this Bilateral Protocol with Nicaragua, Chile will have FTAs with all Central America, most of the countries in Latin America and with its main trading partners, including main global economies.

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