ABSTRACT
Before 1974 Chile had a highly restrictive foreign trade regime which included quotas, prior import deposits, licences, foreign exchange budgets, forbidden import lists, special regimes for particular regions, for particular industries and for public firms, and quite high nominal tariffs. In a five-year period, 1974-9, all non-tariff barriers were eliminated and the average (highest) nominal tariff rate was reduced from 105 per cent (750 per cent) to a flat tariff structure of 10 per cent.1
