The Council of the European Union has approved the Interim Trade Agreement (iTA) with Chile, ending the EU's internal ratification process and setting the stage for its implementation. This agreement, which focuses on trade and investment liberalization, an exclusive competence of the EU, operates in parallel with the investment protection provisions of the Advanced Framework Agreement (AFA), which still needs to be ratified by the Member States. The iTA will cease to exist once the AFA is fully ratified. Both agreements seek to update the current relationship between the EU and Chile, strengthen political and economic ties, and intensify cooperation and trade.
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