Article 85 of the Chile-EFTA Free Trade Agreement provides for the creation of a joint EFTA-Chile committee composed of ministers or senior officials appointed by each contracting party to monitor the implementation of the agreement. The joint committee normally meets every two years. The Chile-EFTA Free Trade Agreement entered into force on 1 December 2004, after approval by the Chilean Senate on 17 November 2004. The agreement contains a common text and complementary bilateral agreements on agriculture, which also came into force on 1 December. In June 2000, the EFTA Council of Ministers adopted the decision to enter into negotiations for a free trade agreement between Chile and the EFTA Member States – Iceland, Liechtenstein, Norway and Switzerland. Negotiations were officially started in December 2000 and ended after six rounds in March 2003. The free trade agreement between Chile and EFTA was signed on 26 June 2003. In 2008, Chile signed free trade agreements with Australia, Honduras and Colombia, while expanding its agreements with Peru and Cuba. The chapter on trade in goods also contains provisions relating to trade assistance, such as anti-dumping measures and safeguards. 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. 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 chapter on competition (Articles 72-80) deals mainly with cooperation, notification, consultation and the exchange of non-confidential information between Chilean competition authorities and the relevant authorities of EFTA Member States. Consultations are included when important interests of Chile or an EFTA Member State may be affected; However, consultation does not affect the full freedom of decision of the competent authority.