This report done by the research department, is a review of bilateral trade between the U.S. and Chile for the year 2004, comparing the trade with the year 2003. The year 2004 was the year the Free Trade Agreement (FTA) entered into force, immediately eliminating tariffs for more than 95% of Chilean exports to the U.S. and 90% of the products imported from this country. The remaining tariffs will be eliminated over a maximum period of 12 years, which will culminate on January 1, 2015.