When Alfredo Moreno took over as minister of foreign affairs for the Republic of Chile in 2010, he knew there was a big opportunity to increase trade with China, whose economy was hurtling along with double-digit growth. Chinese investment in Chile at the time was small—less than $100 million, while Chile’s investment in China was seven times larger.
The two nations had signed a free-trade agreement five years earlier, but the pact didn’t cover services such as engineering and architecture. A supplementary investment agreement with China in 2012, which Moreno spearheaded, gave the Chinese the same legal protections as native Chileans, and paved the way for a $1 billion wave of investment.
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