New trade corridor to open as Chile moves to an agreement with the Eurasian Union

Moscow-backed economic union sees free trade potential with Chile.

On Tuesday, government representatives, businessmen and ambassadors from the countries of the Eurasian Economic Union are meeting in the Sofofa – the association of companies and trade associations representing Chile’s industrial sector – with the aim of Chile moving towards a commercial pact with the region of 181 million inhabitants, reports La Tercera.

Eurasian Union member-states Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia are examining the issue of the potential formation of a free trade zone. Russia – who is limiting exposure to Western sanctions – may be most enticed as salmon shipments to the country totalled 45 thousand tonnes last year. In 2018, Salmones Camanchaca exported 24 per-cent of its production to Russia, compared with ten per-cent the year before.

“Moving towards a commercial instrument that allows us to compete with greater preferences with the Eurasian Economic Union would be a great step in our policy of opening trade with that region and of great interest to our exporters. Thus, we would continue to strengthen ties in commercial, economic and cooperation,” said Direcon Director Rodrigo Yáñez to the publication. Direcon is a Chilean public body that develops policies that strengthen international economic relations.