Chile's Senate said on Wednesday it had unanimously ratified the "P-4" trade agreement signed by New Zealand, Brunei, Singapore and Chile.

The agreement, also known as the Strategic Trans-Pacific Economic Association Treaty, had been approved by the foreign affairs, treasury and agriculture committees.

Under the agreement, Brunei will reduce tariffs on 69 percent of Chilean goods; New Zealand will cut tariffs on 80 percent of Chilean products, reducing the remaining tariffs over 10 years; and Singapore allows access of Chilean products tariff free.

The four countries will also remove all subsidies on agricultural goods traded among them, and work for elimination of agricultural subsidies worldwide.

The four nations signed the deal in New Zealand in July 2005.

Source: Xinhua