More items will be exempted from tariffs after the upgraded free trade agreement between China and Chile came into place, with the exemption likely to cover 98 percent of the items for bilateral trade, the Ministry of Commerce said on Friday.
The China-Chile free trade area will become the country's highest-level one in terms of the opening-up in goods trade, the ministry said in a statement.
The renewed free trade agreement, signed in 2017, took effect on Friday. According to it, China will gradually eliminate tariffs on some wood products from Chile within three years, and Chile will immediately eliminate tariffs on Chinese goods like textiles, clothing, home appliances and sugar products.
"The protocol will further explore the potential of China-Chile bilateral economic and trade cooperation, and enhance the level of trade liberalization and facilitation between the two countries," the ministry said.
Wei Jianguo, vice-president of the China Center for International Economic Exchanges, said China-Chile economic and trade cooperation can be further enriched, which is conducive to deepening ties between China and Latin America.
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