The recently negotiated U.S.-Chile Free Trade Agreement promises to immediately eliminate tariffs on 85 percent of goods traded between the two countries and on much of the remainder in four years. If passed, it may signal the beginning of a new phase of trade liberalization in the region. Regina Vargo, lead negotiator of the U.S.-Chile FTA, will describe what the treaty covers and how it fits into other U.S. trade initiatives in the Americas. Hernán Büchi will explain how the agreement benefits Chile and its importance to Latin America at a time when much of the region is experiencing political and economic uncertainty.