It was signed on December 5, 1996, in Santiago, Chile and came into effect on July 5, 1997.
Tariffs on 75 percent of bilateral trade were immediately eliminated.
[1] It was Canada's first free trade agreement with a Latin American nation (other than Mexico), and was Chile's first full free trade agreement.
[2] In 2012, Canadian prime minister Stephen Harper and Chilean president Sebastián Piñera announced the expansion to the CCFTA, with a financial services chapter in which Canadian financial institutions will enjoy preferential access to the Chilean market and can compete on a level playing field vis-à-vis their competitors.
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