As part of the sixth Council of the Association Agreement between Chile and the European Union, held in April 2015, Chile and the European Union discussed options to modernise their current association agreement. At the same time, it supports the inclusion of elements that do not currently exist in the current agreement, i.e. a series of provisions on trade and sustainable development, anti-corruption provisions, a chapter on digital trade and, for the first time, in an EU trade agreement, provisions on trade and equality, which aim to promote equal opportunities and equal treatment for women and men benefiting from the modernised agreement. The agreement covers all major areas of trade relations, including trade in goods, trade in services and investment, public procurement, competition and intellectual property. A joint committee is set up to monitor the agreement. It also contains dispute resolution provisions. In addition, EFTA states and Chile have concluded bilateral agricultural agreements. As part of the EU-Chile Mutual Agreement on the Modernization of the Free Trade Agreement (2003), which is part of the EU-Chile Association Agreement (2002), as well as several developments on both sides since its conclusion, the Commission has published a position paper on a Sustainable Development Impact Analysis (AIS) commissioned on 7 May 2019 by an independent consultant. Chile and the European Union signed a framework cooperation agreement on 21 June 1996 in Florence, Italy, aimed at creating a political and economic association. The agreement came into force on February 1, 1999.

The chapter on trade in goods also contains provisions relating to trade assistance, such as anti-dumping measures and safeguards. In early 2016, Chilean delegations met with senior officials from the European Union and the European Free Trade Association to continue the modernization of Chile`s trade agreements with the two blocs. The Commission`s services state in this document that it is important to stress that the modernised agreement will update an existing agreement that has already liberalised much of trade. The trade provisions of the Association Agreement between Chile and the EU came into force provisionally on 1 February 2003. In May 2004, an additional protocol was added to the agreement to take account of the enlargement of the European Union. The EU and Chile concluded an Association Agreement in 2002 containing a Comprehensive Free Trade Agreement (FTA) which came into force in February 2003 and covers EU-Chile trade relations. In addition, trade in agricultural commodities is covered by three bilateral agreements on basic agricultural products negotiated between the state of EFTA concerned (Iceland, Norway and Switzerland/Liechtenstein) and Chile. These agreements are part of the instruments for creating the free trade area. They are providing concessions on both sides. Each agreement contains specific rules of origin, usually based on “fully preserved” criteria. The agreement establishes a high level of intellectual property rights protection (Article 46), covering areas such as patents, trademarks and copyrights, and, in some areas, goes beyond what is provided for in the WTO agreement on trade-related intellectual property rights (TRIPS) and other international agreements and contracts.