The Business Council of Australia has welcomed the announcement by the Minister for Trade, Simon Crean, that the Australian Government has concluded negotiations on a free trade agreement (FTA) with Chile.

Chairman of the BCA’s Trade and International Relations Task Force, John Denton, said the FTA would open up opportunities for Australian businesses and create additional economic benefits for the people of both nations.

“Business welcomes the conclusion of a comprehensive agreement, with the commitments from both nations covering goods, services, investment and government procurement,” Mr Denton said.

“The FTA also delivers robust arrangements for protecting intellectual property, which is important in order to underpin sustained two-way trade and investment,” he said.

Mr Denton said the emphasis given to investment by this agreement, including the commitment by both governments to transparent investment regimes, was especially significant.

“The FTA is strategically important for Australia in light of the emerging trade and investment opportunities for businesses in a number of countries across South America.

“We support the concept of using the Australia–Chile FTA as a model for future trade and investment negotiations,” he said.