Regarding commercial matters, the main agreement is the Chile-Korea Free Trade Agreement (in force since April 2004), which established a legal framework that defines the tariff treatment for the goods and services produced and exchanged between both countries, also including chapters about foreign investment and government purchases.
There is a mechanism aimed to solve any controversy and several technical committees which regularly meet in order to evaluate specific issues related to the FTA functioning and implementation. These committees report to the Free Trade Commission, authority aimed at annually evaluating the fulfillment of the commitments agreed at the FTA and defining tasks for the committees with a view to deepening the agreement.
As for cultural matters, there are cooperation agreements between Korean universities and their Chilean counterparts aimed at professor and student exchanges or study scholarships. Some of these agreements are between University of Korea and Pontificia Universidad Católica; University of Ulsan and Universidad de Concepción; Ministry of Culture and National Youth Institute; and the Korean Institute of Design Promotion and DUOC-UC.
In the field of television, there is a productions exchange agreement between Televisión Nacional de Chile (National Television of Chile, TVN) and the Korean Broadcasting System (KBS). There are cooperation agreements in sanitary and food matters between the Chilean Ministry of Health and the Korea Drug and Food Administration; the Agriculture and Livestock Service (SAG) and the Korean National Plant Quarantine Service (NPQS) and the National Veterinary Research and Quarantine Service (NVRQS). There is a Tourist Visa Exemption Agreement and other one for the holders of diplomatic and official passports.