The agreement, already signed at the end of last year, was approved by the EU Parliament’s Trade Committee on 24 January 2024. The aim of the pact is to secure and promote trade relations in the region.
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The volume of trade between Germany and Chile totalled 4.1 billion euros in 2022, of which around 2.8 billion was contributed by German exports. Chile also has one of the largest lithium deposits in the world. The light metal is considered critical regarding Germany’s goals in the energy and mobility transition. (Source: DIHK in German language)
Until the Advanced Framework Agreement (AFA) is validated by the individual EU member states, an Interim Trade Agreement (ITA) applies, which includes the trade and investment aspects of the AFA. The ITA has yet to be ratified by the plenary session of the EU Parliament before it enters into force.
Source: DIHK