MercoPress. South Atlantic News Agency

Chile's Senate greenlights CPTPP agreement

President Gabriel Boric Font must now sign Chile's adherence to the treaty

Chile's Upper House Tuesday ratified by 27 votes in favor, 10 against and 1 abstention, the country's joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which is expected to generate annual revenues of US$ 1.2 billion, it was announced.

Chile was the only signatory to confirm its accession to one of the largest free trade agreements in the world, comprising nearly 500 million people (13% of the world's GDP). The documents are now up to President Gabriel Boric Font for the proper enactment.

Foreign Minister Antonia Urrejola underlined the discussion of this treaty ”has awakened the attention of society as a whole (...) it is no mystery to anyone that the process has not been peaceful nor has it been free of great debates.“

Regarding the enactment, Urrejola explained that ”the President has decided to wait for the progress of the side letters before ratifying the agreement.”

The CPTPP is a plurilateral economic integration treaty in the Asia Pacific region involving Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore, and Vietnam.

The initiative also known as TPP11, due to the number of countries that comprise it, was initially signed in Santiago, Chile in March 2018, during a ceremony led by former Chilean President Michelle Bachelet (2014-2018).

The agreement had been approved by Chile's Lower House in April of 2019 and had remained shelved in the Senate until Tuesday.

“The free trade agreements have undoubtedly contributed a great deal not only to Chile, but also to other countries in the region and the world, but we must also review those issues that are in the international debate,” Urrejola also said.