Dan Neville
Question:12 Mr. Neville asked the Minister for Foreign Affairs if he will make a statement on the bilateral economic relations between Chile and Ireland; and if he will make a statement on the matter. [9995/04]
View answerWednesday, 31 March 2004
Questions (12)
Written answers
Ireland's bilateral economic relations with Chile are well established and continue to evolve. Chile, like Ireland, is a small open economy that has enjoyed increasing prosperity driven by the strong promotion of trade. Ireland and Chile are both very dependent on foreign trade, and growing economic links are an important part of developing a mutually beneficial relationship.
In 2003 Ireland's total merchandise trade with Chile was worth just over €80 million. This is the highest level of trade ever reached between Ireland and Chile and represents a more than four-fold increase in trade since 1990. The balance of trade in 2003 was slightly in Ireland's favour with exports to Chile valued at just over €42 million and imports from Chile worth just over €38 million.
President McAleese has just completed a State visit to South America which included Chile. The President was accompanied by a trade mission organised by Enterprise Ireland. The mission was comprised of 14 companies from a variety of sectors, all of whom were eager to develop business relationships with their Chilean counterparts.
In addition to Irish companies increasing their sales to Chile, there is also scope for Irish and Chilean companies to join forces in opening up new market opportunities both across South America and in other regions where Chile is successfully doing business. Similarly, Ireland offers excellent opportunities to Chilean companies which are seeking business partnerships in product development, marketing and sourcing in the newly expanded European Union.
The visit of President McAleese follows the State visit of President Lagos of Chile to Ireland last summer. These visits are important steps in forging new business partnerships between our two countries.
Ireland is looking to conclude a double taxation agreement with Chile. At present a team from the Revenue Commissioners is in Chile conducting the opening round of negotiations on such an agreement. The existence of a double taxation agreement will encourage both trade and investment between our two countries.