MercoPress. South Atlantic News Agency

Bush signs free trade accords with Chile and Singapore

U.S. President George W. Bush signed free trade agreements with Chile and Singapore Wednesday, saying that they would contribute to the economic growth of the three countries.

"By these agreements we are moving toward a great goal: a world that trades in freedom, in the Western Hemisphere, in Asia and beyond," said Bush at the signing ceremony in the East Wing of the White House.

The president noted that "the free trade agreement with Chile is our first ever with a South American country." Signing was a symbolic gesture, as the agreements had already been recently approved by a wide margin in both houses of the U.S. Congress.

Bush said that the accord with Chile would benefit several sectors of the U.S. economy, including agriculture, construction equipment, automobiles and spare parts.

The two agreements, which will go into effect on Jan. 1, include provisions to protect intellectual property, worker rights and the environment.

"For decades," Bush said, "Chile has proven the power of open trade and sound policies. It has become one of the strongest economies in the developing world." "By establishing free trade with the world's largest economy, Chile will have the opportunity to advance even further and to help make the entire region more prosperous," the president added at the ceremony, attended by the ambassadors of Chile and Singapore.