President Donald J. Trump on Tuesday signed a landmark agreement that will open up markets to U.S. exporters.
The agreement, signed with Australia and Chile, marks a significant shift in the relationship between the two countries and sets the stage for a possible new era in trade and commerce.
The accord, signed by Mr. Trump and President Michel Temer, will create the first-ever free-trade zone in the Western Hemisphere, and is expected to generate billions in new exports and boost U.A.E. manufacturing and trade.
It also marks a major victory for the U.K. and Canada, whose governments are among the most powerful nations in the region, said Adam Hirsch, an international trade expert at the Peterson Institute for International Economics in Washington.
It was a big step forward for both countries, but it also signals a shift in U.N. economic priorities, said James Hildebrand, a senior fellow at the Cato Institute in Washington, D.C.
The U.C.-Chile agreement, he said, “provides an important boost to Chile’s economy, while also helping to address the growing challenges posed by climate change and the trade deficit with China.”
It will be important for the world to see whether this will lead to more trade and investment in Latin America, Mr. Hildemark said.
“It’s a positive for the region as a whole, but also a positive to the U and U. S. in terms of the relationship.”
The agreement also provides certainty for U.J. exporter Chile, which had been left in limbo by the U,D.C., pact that expired last year.
The pact gives Chile a major foothold in the Pacific region and is seen as a win for both sides in a region that has long sought protection from China.
Chile is one of the world’s largest producers of cotton, rice, sugar and coffee.
It is also home to one of Latin America’s largest manufacturing centers.
Under the deal, Chile will be allowed to import goods from Australia, Brazil, Canada, Chile, Ecuador, Peru and Uruguay, a U.R.C.’s report said.
It said this agreement could help the region become more competitive in a rapidly changing global market.AAP reports:”The agreement represents a milestone for the South American economy, which is undergoing unprecedented economic change in recent years, as the global economic crisis deepened and political instability spread across Latin America.
It will also bolster Chile’s role as a global leader in global trade and will help it maintain a stable currency and avoid a further deterioration of its position,” the report said.”
pact will also give the U-K.
its first free-trading zone in Europe since 2005, a move the U.-K.
government says will be a “game-changer” for the two blocs.
The deal also provides U.L.S.-based U.U.S., a joint venture that is a joint U. of S.-U.K.-Canada company, the right to operate in Chile.
It is the first free trade agreement signed between the U U. U. and the U J. and it is the latest in a series of agreements between the countries, which began in 2008, with the aim of fostering a free trade zone between the nations.
The free-market pact also sets a precedent for the possibility of future free-riding deals between the three countries.