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China, Chile aim to double bilateral trade by 2015

Chile's President Sebastian Pinera (R) and China's Premier Wen Jiabao shake hands at the Presidential Palace in Santiago, June 26, 2012. Wen is in Chile for the last leg of his official visit to Latin America.

Reuters

Top metals consumer China and world no. 1 copper producer Chile plan to double their bilateral trade to $60-billion by 2015, Chinese Premier Wen Jiabao said on Tuesday during an official visit to Chile.

China has made relatively few major investments in the Andean country, despite being its main trade partner and sharing a free trade agreement.

"The president and I have agreed to double bilateral trade by 2015, to reach $60 billion in volume," Mr. Wen said during a joint press conference with Chilean president Sebastian Pinera.

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Mr. Wen, on the last leg of an official visit to Latin America, signed a series of accords with Chile.

The two leaders signed an agreement to give investors security for their investments in either of the two countries, Chile's foreign minister Alfredo Moreno told Reuters. Further details of the agreement were not immediately available.

Trade between the two Pacific rim countries is currently around $30-billion. The Asian giant's avid demand for commodities has boosted the economies of many export-dependent Latin American countries.

Chinese renewable energy company Sky Solar, state-backed China Development Bank and Chilean industrial group Sigdo Koppers plan to make a Chinese firm's biggest investment in the Andean country: a $900-million solar energy park, export promotion agency ProChile said earlier on Tuesday.

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