China, Chile upgrade their bilateral free trade agreement

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Chinese President Xi Jinping signed a Free Trade Upgrade Agreement (FTA) with Chilean President Michelle Bachelet during the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Da Nang, Vietnam, on Saturday, deepening and strengthening the existing FTA between the two countries.

Xi underlined that this is China's first FTA upgrade completed with a Latin American country.

The upgraded agreement will create a new impetus for practical cooperation between China and Chile and set a new benchmark for China's cooperation with other Latin American countries, as well acting as as a new role model for the world, he said.

Bachelet congratulated Xi on the success of the 19th National Congress of the Communist Party of China and wished that greater achievements would be made in the implementation of the Belt and Road Initiative.

Chinese President Xi Jinping (R) and his Chilean counterpart Michelle Bachelet attend the signing ceremony of a bilateral deal on upgrading the Free Trade Agreement (FTA) between the two countries in Da Nang, Vietnam, November 11, 2017. /Xinhua Photo

The Chile-China relationship has included many firsts in the course of developing relations between Latin America and China, said Bachelet, adding that her country will carry forward the pioneering spirit and advance the practical cooperation between the two sides.

Bilateral trade has increased fourfold since then, reaching 31 billion US dollars in 2016.

Negotiations for upgrading the FTA were initiated during Xi's state visit to Chile in November 2016 and the agreement was completed a year later.

The current overseas trip is Xi's first after the 19th CPC National Congress. After attending the APEC meeting in Da Nang, he will then pay state visits to Vietnam and Laos from Sunday to Tuesday.

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. This year's APEC Economic Leaders' Week is held under the theme of "Creating New Dynamism, Fostering a Shared Future."

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