President’s Bachelet Statement at TPP Leaders Meeting November 18, 2015

After more than five years, TPP negotiations reached a successful conclusion. The process was extremely complex and challenging, possibly the most difficult Chile has faced since it started negotiations of trade agreements 20 years ago. We are pleased with the final outcome. As I expressed one year ago at a similar meeting, pragmatism and flexibility were required to allow Chile to be part of the agreement. Those elements played, at the end, a crucial role in achieving a balanced deal. For our government the negotiating process was not easy. We negotiated in good faith with a clear goal in mind: to achieve a balanced outcome, which will create opportunities for many, foster economic growth and promote sustainable development. For Chile, being part of TPP represents the consolidation of a trade policy which has played a key role for our development. A small economy, open to international trade, needs a rule-based system that guarantees stable and predictable conditions for our trade flows. At the same time, as the TPP will set the standard for international trade rules in the near future, we are convinced that this Agreement will not only have a positive impact on the 12 members but also for many other countries and regions. In terms of the specific benefits that TPP will create for our economy, it is important to highlight: the improved market access conditions for a number of our products, which will promote diversification of our exports; the establishment of a wide and flexible accumulation mechanism, which will facilitate our integration into regional and global value chains; the enhanced framework for trade facilitation; the strengthening of disciplines in the area of sanitary and phytosanitary measures and technical standards; and  the upgrading of commitments in environment and labor standards; among others. I would also like to mention the efforts we have made in order to increase the level of transparency with respect to the full text of the Agreement. The recent release of the text is a fundamental step in this regard and will allow civil society in our countries to consider and review the commitments and rights established in the TPP. Now, we are working closely with our Congress and civil society to clarify doubts and clear up misunderstandings with respect to the commitments we are assuming, as well providing all the information about the benefits the Agreement will generate. We are conscious that the task will not be easy.  There are many challenges to overcome, yet we are certain that we will prevail and the Agreement will be approved. Our collective achievement constitutes a historic moment for international trade. It is a clear sign of our capacity to strike deals that go in direct benefit for our societies and the Asia Pacific region.