Chile has joined a number of developing countries that have opened their markets to products from least developed countries (LDCs) without duty or quotas. The country has set the customs duties on most products from LDCs at zero since 28 February 2014, except for wheat, flour and sugar.
The LDCs have also emphasised the need for simple rules of origin requirements for them to secure meaningful market access in their export destination markets.
Most of the WTO’s developed countries now provide duty-free and quota-free market access for the products from LDCs while a number of developing-country members are also making efforts to open their markets for exports from the world’s poorest countries.
LDCs represent the poorest and weakest segment of the international community. The current list of LDCs includes 48 countries, 34 of which are WTO members and eight are in the process of joining. The LDCs represent about 12% of the world’s population, but account for less than 2% of world GDP and about 1% of global trade in products.
Chile opens market for least developed countries
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