The assessment was recently made by the Chilean Bureau for Agricultural Studies and Policies under the Chilean Ministry of Agriculture, noting the above commodity categories constitute 10.7% of bilateral trade turnover.

Agro-forestry and husbandry trade turnover totalled US$60.2 million in 2012. Chile earned US$48.4 million from exports to Vietnam and purchased US$11.8 million in imports—annual improvements of 23.8% and 34.3% respectively.

In the first nine months of 2013, Chile’s agricultural exports were valued at US$37 million, up 3.2%. It imported US$17.3 million worth of comparable Vietnamese products, up 166%. Chile’s key export commodities included forestry products (62.2% of total export turnover) fresh grapes, and wine.

The FTA specifies 72% of Chilean exports to Vietnam will enjoy zero tariffs and the ratio will increase to 83% within the first 11 years. Meanwhile, 83% of Vietnamese exports to Chile will be granted import tax exemptions immediately.

The bureau said the FTA will be most beneficial to Vietnam’s fresh fruit, pork, and beef product exports.