The move came five days prior to President Sebastian Pinera’s trip to a number of Asian countries including Vietnam.

Speaking at the Chilean Senate before the vote, Senator Jose Garcia Ruminot affirmed that the approval of the accord will mark a milestone in trade ties between the two countries and consolidate Chile’s trade integration strategy in Asia.

Ruminot stated that once the FTA takes effect, Chile will enjoy preferential tariffs from exporting such products as pork, fruit and fruit juice to Vietnam. In turn, Vietnam can ship to Chile major products like footwear, rice, garments and coffee at low tax rates.

The Senator said that Chile can play a leading role in helping Vietnam to export goods to other Latin American countries. Similarly, Vietnam can serve as an ideal bridge for Chilean products to penetrate markets in South East Asia.

The FTA between Vietnam and Chile was signed on November 11, 2011 in Honolulu, the US, witnessed by Vietnam’s State President Truong Tan Sang and Chilean President Sebastian Pinera, when the two leaders attended the Asia Pacific Economic Cooperation (APEC) Forum 2011.

As scheduled, President Sebastian Pinera will visit Vietnam, the Republic of Korea and Japan from March 20-31, to strengthen cooperative relations with these nations, especially in the fields of economics and trade.