Chile is one of the most active Latin American countries in the pursuit of bilateral trade agreements The European Court of Justice has ruled that arbitration rules for investor countries (including a special tribunal under some free trade agreements) fall within the shared jurisdiction between the European Union and its Member States and that, for this reason, , their ratification should be authorised by the EU and each of the 28 Member States.  Rules of origin and methods of administrative cooperation between customs authorities are dealt with in Schedule I. The agreement provides for liberal rules of origin based on the European model. The rules open up the accumulation by all types of products (industry and agriculture) between the contracting parties as well as the possibility of self-reporting of origin. The full agreement came into force on March 1, 2005. The EU and Chile have signed a comprehensive trade agreement that has led to an increase in economic activity between the two countries. The European Union remains Chile`s largest trading partner. The agreement covers all major areas of trade relations, including trade in goods, trade in services and investment, public procurement, competition and intellectual property. A joint committee is set up to monitor the agreement. It also contains dispute resolution provisions. In addition, EFTA states and Chile have concluded bilateral agricultural agreements. The trade in services chapter (Articles 22-31) deals with trade in services, including a separate annex on telecommunications services (Annex IX).
The agreement applies to the four types of supply (delivery) of a service within the meaning of the GATS. The agreement is aimed at all service sectors. However, it was agreed that, in the case of financial services, the possible coverage and scope of liberalization would be reviewed two years after the agreement came into force. As in the GATS, the positive lists of specific commitments of each party are an integral part of the agreement. These lists are reviewed every three years, or more frequently, to reduce or eliminate the bulk of discrimination between parties for trade in services under this section on services. With bilateral merchandise trade of EUR 16.530 billion in 2015, Chile was the EU`s 38th largest trading partner, while the EU was Chile`s third largest trading partner, with EUR 16.197 million (or 14.4% of total merchandise trade with the world). With regard to trade in services, it should first be noted that Chile`s economic share in services represented 61.6% of the country`s GDP in 2015 and 63.9% of the labour force in 2005.