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U.S. and Chilean Presidents Pledge More Trade Cooperation

During this week's Latin American tour, President Obama told reporters that the U.S. and Chile have agreed to more cooperation to boost trade and increase investment. The United States already has a free trade agreement with Chile that went into effect in January 2004 and will be fully phased in by 2015.

"Under our existing trade agreement, trade between the United States and Chile has more than doubled," Obama said. "This has created new jobs and opportunities in both our countries."

The U.S. Wheat Associates group claims a 1600% increase in U.S. wheat sales to Chile since the agreement began. However President Obama said he and Chilean President Sebastian Pinera agreed to do more in the trade arena.

"Today we have recommitted ourselves to fully implementing our free trade agreement to include protection of intellectual properties so our businesses can innovate and stay competitive," Obama said. "We agreed to build on the progress we're making towards a Trans-Pacific partnership so we can seize the full potential of trade in the Asia Pacific."

The two leaders also pledged to work together on clean energy projects during their meeting on Monday.