For Chile, it’s very important that a U.S. – China trade deal is signed soon, Rodrigo Yanez, the Chilean vice minister of trade, told CNBC.
The two economic giants are large trading partners that account for nearly 50% of Chile’s trade and Chile is “highly dependent” on commodity prices, which have been volatile as a result of the trade war, Yanez added.
Chilean Vice Minister of Trade Rodrigo Yanez told CNBC on Wednesday,The U.S. and China account for nearly 50% of Chile’s trade which makes a signed deal between the economic powers very important for the country in South America.
He said of the Beijing-Washington trade deal. “We supply many factories that re-export from China to the U.S., and the way we’ve seen dropping, some of those exports … it’s something very important, not just to activate our exports, but also to the level of certainty that it should introduce to the markets,”
He also said that Chile is “highly dependent” on commodity prices, which have been volatile as a consequence of the trade war.
The U.S. and China have been engaged in a conflict for more than a year, expanding from trade to technology and issues of national security. It has seen both sides impose on each other punitive tariffs and create uncertainty in the global economy.
Yanez stated expects “engagement” between the countries to continue. “That’s the key word for us that the U.S. and China will find their way through to an agreement, because in the emerging world countries like mine need more certainty when it comes to the economy,” he added.
“That is why we’re expecting for this agreement to be delivered,” Yanez added.
Meanwhile, Chile’s presence in other markets is expanding, Yanez said. “We expect to grow in markets like India, the markets of ASEAN (Association of Southeast Asian Nations), the Eurasian Economic Union, etc.”
“Up to 50% of our GDP is actually dependent on trade,” he said.“It’s very important to talk about diversification, and that is why we’re doing it on a very intense basis.”


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