Chinese President Xi Jinping signed a Free Trade Upgrade Agreement (FTA) with President Michelle Bachelet of Chile during the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Da Nang, Vietnam, deepening and strengthening the existing FTA between the two countries. [Special coverage]
China and Chile signed their FTA in 2005, the first such agreement China inked with any single country. Bilateral trade has increased fourfold, reaching 31 billion US dollars in 2016 since then.
The upgraded FTA text has widened its focus from just trade in goods to also cover services.
The signing of the upgraded agreement came after four negotiating sessions this year, and both sides have agreed on protocol dealing with disciplines such as e-commerce, government procurement and competition policy.
The overseas trip is Xi's first after the 19th CPC National Congress. After attending the APEC meeting in Da Nang, he will then pay state visits to Vietnam and Laos from Sunday to Tuesday.
APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. This year's APEC Economic Leaders' Week is held under the theme of "Creating New Dynamism, Fostering a Shared Future."
