Chilean, Chinese Leaders Sign Deal to Amend Trade Pact

Chile and China are set to update their bilateral trade pact, with officials signing a protocol to amend the deal last week on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Da Nang, Vietnam. The process to start amending the accord was announced in 2016, following a meeting between Chinese President Xi Jinping and Chilean President Michelle Bachelet. The negotiations began that year, with delegates meeting for three formal rounds. The original accord dated back to 2005, entering into force the following year, and officials say the changes were needed to reflect new trade realities. "Since the signing of the Free Trade Agreement with China in 2005, our bilateral exchange has quadrupled. With the Protocol signed today, we incorporate the digital economy and services. A better Chile emerges integrated to the Asia Pacific,” said Bachelet, according to a statement on social media site Twitter. This new treaty responds to the needs of a world that "twelve years later, is another," said Jorge Heine, Chile’s Ambassador to China, in a blog post for La Tercera last week. He also noted that the previous FTA led to increased bilateral trade flows that far exceeded expectations. Among the changes are tariff...