Chile is a founding member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The agreement came into force for Chile on December 30, 2018. The CPTPP aims to reduce tariffs and promote trade among member countries, providing significant market access opportunities for Chilean exporters and investors.

The agreement includes countries such as Australia, Brunei, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

In 2023, the total trade in goods and services between the UK and Chile was approximately £1.7 billion, representing a 2.8% decrease from the previous year. The UK’s exports to Chile amounted to £1.1 billion, while imports from Chile were £608 million. Chile was the UK’s 72nd largest trading partner, accounting for 0.1% of total UK trade.

The main exports from Chile to the UK included mineral fuels, oils, and distillation products, edible fruits, nuts, and peel of citrus fruit, melons, and coffee, tea, meat, and spices.

In terms of UK exports to Chile, the top items included:

1. Machinery & Mechanical Appliances – £150 million annually
   • The UK exports industrial machinery, construction equipment, and manufacturing tools, supporting Peru’s infrastructure and mining sectors.
2. Pharmaceuticals & Medical Products – £120 million annually
   • Includes medicines, vaccines, and medical devices, meeting Peru’s growing healthcare and pharmaceutical demand.
3. Beverages (Including Whisky) – £80 million annually
   • Peru is a key market for Scottish whisky, with CPTPP reducing tariffs and boosting demand for premium spirits.
4. Vehicles & Automotive Parts – £60 million annually
   • UK exports cars, trucks, and automotive components, benefiting from lower tariffs under CPTPP.
5. Chemicals & Fertilizers – £50 million annually
   • The UK supplies chemical products and fertilizers to Peru’s agricultural and industrial sectors.
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