In 2012, South Africa and Chile signed the Memorandum of Understanding (MoU) on The Establishment of a Joint Trade and Investment Commission (JTIC), whose main objective is to enhance dialogue on aspects of trade and regular commercial exchange; strengthening of bilateral economic relations;, promotion of investment and growth; facilitating the diversification of trade between the two countries; and identifying special areas of economic cooperation.
During the 1st JTIC meeting in November 2014, in Santiago, Chile, both countries agreed to a work plan focused on short term, medium term and long term objectives. In Short time, the parties agreed to participate in each other trade fairs and exhibition, as well as, exchange business delegations. For the medium term, the parties identified areas of interest for cooperation and enhancement of trade and investment including 20 products of export interest. For the long term objectives, South Africa and Chile agreed to conduct a Joint Study with the aim of exploring opportunities to enhance bilateral trade and investment relations. The competent authority responsible for the study on the South African side was the Department of Trade and Industry (the dti) and on the Chilean side, the General Directorate for International Economic Relations (DIRECON).