The Chamber of Deputies approved the incorporation of Chile to the Asian Infrastructure Investment Bank (AIIB), one of the main financial institutions of basic elements and services on the planet, and will now pass to the Senate for ratification.

Finance Minister Felipe Larrain noted that this bill allows Chile to become a full member of the bank and to participate in its financing initiatives.

This step will improve the alternatives for obtaining credit, but most importantly, the country will be able to participate in the large connectivity projects that will be developed in the coming decades between the Americas and Asia, the Minister added.

He added that the AIIB, an initiative promoted by China, is very interesting for Chile, because more than 50 percent of its exports go to Asia, which as a region is by large margin Chile’s main trading partner, and 33 percent of them are directed to China.

The Chamber also approved the Protocol Amending the Agreement between Chile and China to eliminate double taxation, which, according to the Finance Minister, will provide the southern country with greater competitiveness and equity to compete on equal terms and without fiscal cost.