Chile and Canada updated their 16-year-old free-trade accord last month, agreeing to changes that will provide financial services companies in the two countries with improved access to each other's markets. How important is this change for Canadian and Chilean financial services companies? Where trade in financial services has been liberalized previously in Latin America and the Caribbean, what have been the effects on the domestic financial system and foreign companies? How well do current free-trade accords in the region address the needs of financial services companies?

Marcela C. Blanco, associate attorney at the Bogotá office of Diaz, Reus & Targ LLP:...

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