MercoPress. South Atlantic News Agency

Chile close to a trade agreement with US

Chilean president Ricardo Lagos said the country will double efforts to reach a bilateral Free Trade agreement with the United States in 2002. Mr. Lagos was responding to US president George Bush speech last week in the Organisation of American States where he confirmed Washington's commitment to democracy and free trade in Latinamerica. "We're a small country, but we're doing the right things and we want to compete in the world, therefore I accept President Bush' renewed challenge for a free trade agreement and his commitment to our region", said President Lagos in Santiago when questioned about Mr. Bush's speech. In his speech Mr. Bush said he expected to sign a bilateral trade agreement with Chile in 2002. Chilean a US negotiators are expected to hold another round of talks in Santiago before the end of January. In his speech President Bush also responded to the growing critics of the current "liberal economic" model saying that abandoning it will "only lead to further difficulties". United States is Chile's main trade partner with an annual turnover of 6 billion US dollars. Chile already has free trade agreements with Canada and Mexico, both US partners in the North America Free Trade Association, Nafta. Following Congressional recess, US Senate is expected to consider the trade promotion authority, the Republican version of the "fast track" which enables the White House to negotiate trade understandings with other countries.