NEWS RELEASES

October 20, 2003 (10:45 a.m. EDT) No. 161

PETTIGREW TO LEAD TRADE MISSION TO CHILE

International Trade Minister Pierre Pettigrew will lead a trade mission from December 2 to 5, 2003, to generate new business in Chile for Canadian companies.

"Since virtually all of our goods now enter Chile duty free, Canadian companies have improved access to the growing Chilean market," said Mr. Pettigrew. "Chile has one of the most open and stable economies in Latin America."

The Canada-Chile Free Trade Agreement has been the cornerstone of bilateral trade and investment relations between the two countries since it was implemented in 1997. Aside from giving preferential access to Canadian goods, the Agreement also makes the Chilean market more secure for Canadian investments.

Since 1997, two-way trade has increased by 32.3 percent, reaching $950.6 million in 2002. Chile is one of the most diversified markets for Canadian exports, meaning more products from more sectors are exported there than to other markets. Leading Canadian exports to Chile include cereals (wheat), machinery, paper and paperboard, electrical machinery, mineral fuel and oil, and plastics. Canadian investment has increased sharply since 1992, making Canada one of Chile's largest foreign investors. Canadian foreign direct investment in Chile reached $5.8 billion in 2002.

The last major Canadian trade mission to Chile took place when Team Canada visited the country in January 1998.

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