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As we approach the tenth anniversary of the U.S.-Chile Free Trade Agreement (FTA), the remaining duties on goods that qualify—and all will if mostly produced in one country or the other—will fall to zero.
In your marketing efforts, be they via a Web site, social media or in other encounters with prospective buyers, be sure and remind people that they will pay no duty if they buy your stuff. Of course Chile has signed agreements at a feverish pace and has inked no fewer than 60, including ones with China and Europe. Chile’s 17 million inhabitants probably have more access to more duty-free goods than any other collection of consumers on earth.
There are other reasons to put this market on your bucket list. One is GDP growth, which has averaged 3.7 percent over the past several years and may top 4 percent this year. Bilateral trade between the U.S. and Chile has grown 140 percent since the FTA was signed, reaching more than $20 billion, The U.S. has enjoyed a trade surplus with Chile for three consecutive years. The U.S. remains the single largest direct investor in Chile, representing more than 24 percent of all net foreign direct investment.
Unlike other countries in the region, Chile has enjoyed years of political stability after giving the boot to the odious dictator Augusto Pinochet and his fellow generals and junta partners. Since the bad old days, Chile has played an important leadership role in the regions, integrating national economies and serving as a role model of good governance and business friendly policies.
Important sectors for U.S. exports include mining, agriculture, tourism, medical devices, water resources. Telecommunications, safety and security, and IT equipment. The country straddles an active earthquake soon and as a result there has been strong demand for technology and materials that stabilize buildings. Building codes now require new construction to feature foundations that roll with the movement of the earth and resemble giant slinky toys, if you are old enough to remember what they looked like.
It’s unlikely that you’ll Twitter your way into this market. There’s no substitute for face-to-face meetings with Chilean business representatives. Chileans expect a personal relationship with suppliers. Initial communication by phone or e-mail is far less effective than a personal meeting. When you do visit, you’ll find that business practices in Chile and the U.S. are generally similar. The business day usually begins at 9 a.m. and ends between 6 and 7 p.m. Lunch breaks usually do not begin before 1 p.m. If there is business to be conducted, two or even three-hour lunches are not uncommon. Although social occasions rarely begin at the indicated time, business meetings usually do.
Leave North American concepts of time behind. Courtesy is very important and efforts to rush a business deal are unlikely to meet with success. It is important to shake hands with everyone in the room upon arriving and leaving. Among Chileans, it is customary for men to kiss women they meet for the first time on the right cheek. Foreigners are encouraged to should shake hands with Chilean women, until a friendly relationship has been established.
Many Chilean businesspeople are well-educated professionals who travel internationally and speak English. Many don’t, so take someone with you who does or hire an interpreter. The embassy in Santiago will have a list of good ones. The commercial section will help with interpreting if it’s part of their business matchmaking services, which we at WPG recommend. Product marketing and promotional literature should be in Spanish. It is also advisable to have business cards printed with English on one side and Spanish on the other. Generally, cards are presented to everyone in a meeting.
Dress codes are generally formal and conservative: suit and tie for men and a business suit (skirt or trousers) for women. Business attire becomes less formal outside major cities and in certain sectors. Football is a great passion in Chile, so you should use your new found appreciation for the game thanks to the recent World Cup to ingratiate yourself with yours hosts.
Learn about Doing Business in Chile in the Country Commercial Guide (CCG), a thick report updated annually that presents an overview of the local commercial environment, using economic, political, and market analyses.
Chile is also a good launching pad to other countries in the region. They even have a name for it: La plataforma—the platform. So come on down, especially in the winter when its summer there. You’ll receive a warm welcome under the gaze of the majestic Andes mountains.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| PSMF202620A51 bearing | 20 | 26 | 20 |
| PSMF202615A51 bearing | 20 | 26 | 15 |