Chile and Korea announced their intent to negotiate a free trade agreement at the APEC leaders meeting held in Auckland, New Zealand in 1999. They held six rounds of negotiations and frequent technical meetings. The last round of negotiations took place in Geneva on October 17 - 21, 2002. The agreement was signed on 15 February 2003.

During the Ninth meeting of the Free Trade Commission of the Chile-Korea FTA, held on 23 July 2015, representatives of Chile and South Korea discussed ways to further enhance their FTA which was signed 11 years ago. In that occassion, the parties advanced towards the definition of the steps and stages that will lead to deepen their trade agreement. Likewise, they agreed on a tentative meeting to be held in November 2015 with the aim of defining the terms of reference of the process of deepening the agreement. On July 13, 2016 Chile and Korea agree to move forward to deepen the Chile-Korea FTA. The main areas of negotiation will inculde, inter alia, market access, services, investment and probably electronic commerce.

On November 18, 2016, Chile and South Korea signed a Joint Declaration to begin the deepening of their FTA. On July 31, 2018, Chile and South Korea signed the Terms of Reference that will serve as the basis for the deepening of their free trade agreement.

The first round of negotiations to modernize the agreement ended in Seoul, Korea on November 30, 2018. The second round of negotiations began on July 4, 2019. The fourth round took place virtually on November 16-19, 2020. On June 22, 2021, Chile and South Korea began the fifth round of negotiations for the Modernization of the free trade agreement, which was carried out virtually. The sixth round of negotiations took place on October 26-28, 2021. Between May 22 and 24, 2023, the VII round of negotiations for the modernization of the FTA was held in Santiago de Chile. During this round, the following topics were covered: market access, trade facilitation, cooperation, environment, labor, gender, and intellectual property.

Documents relating to the negotiations
25 May 2023	VII round of negotiations to modernize the trade agreement between Chile and South Korea
26 October 2021	Sixth round of negotiations to modernize FTA
22 June 2021	Fifth round of negotiations to modernize FTA
19 November 2020	Fourth round of negotiations to modernize FTA
04 July 2019	Second round of negotiations to modernize FTA
30 November 2018	Seoul, South Korea. Chile and South Korea conclude first round of negotiations to modernize their FTA
31 July 2018	Santiago, Chile. Chile and South Korea sign Terms of Reference to deepen their FTA
18 November 2016	Lima, Peru. Chile and South Korea signed a Joint Declaration to begin the deepening of their FTA
13 July 2016	Seoul, South Korea. Chile and Korea agree to move forward with the deepening of the Chile-Korea FTA
23 July 2015	Chile and Korea agree to upgrade the Chile-Korea FTA
15 February 2003	Chile and the Republic of Korea sign free trade agreement
24 October 2002	Conclusion of the negotiations between Chile and Korea for an FTA
Source: Dirección General de Relaciones Económicas Internacionales, Chile (DIRECON); Ministry of Foreign Affairs and Trade, Korea

The Chilean Senate and the South Korean Parliament approved the agreement on 22 January 2004 and 16 February 2004, respectively. After the Parties exchanged written notifications certifying the completion of the required legal procedures, the agreement entered into force on 1 April 2004.

Documents relating to entry into force
25 February 2004	Korea-Chile FTA to enter into force on 01 April 2004
16 February 2004	South Korean parliament approves FTA
22 January 2004	Chilean Senate approves FTA, completes legislative procedures
08 July 2003	Korea-Chile FTA submitted to national assembly for ratification
Source: Dirección General de Relaciones Económicas Internacionales, Chile (DIRECON); Ministry of Foreign Affairs and Trade, Korea

Article 18.1 of the Chile-Korea Free Trade Agreement establishes a Free Trade Commission and sets out its functions and responsibilities, which include supervising the implementation and application of the Agreement; evaluating the results of the Agreement; supervising the work of committees and working groups, ensuring that, with regard to public enterprises and enterprises to which special rights have been granted, no trade-distorting measure is enacted. The Agreement also provides for the establishment of several working groups.

The first meeting of the Free Trade Commission took place in Santiago, Chile on 10 June 2004. The second took place in Seoul, Korea on 3 June 2005.

On November 18, 2005, Chile and Korea signed the Agreement for Cooperation and Mutual Assistance on Customs Issues between Chile and Korea. This agreement entered into force on February 1, 2006,

Documents relating to entry into force
20 December 2005	Decree 375. Approves the Agreement for Cooperation and Mutual Assistance on Customs Issues between Chile and Korea
03 June 2005	Seoul, Korea. Second meeting of the Free Trade Commission
12 April 2005	Decree 85. Modifies paragraph 5 of article 5.4 of the Spanish text of the Chile -Korea FTA
10 June 2004	Santiago, Chile: First meeting of the Free Trade Commission
10 June 2004	Decision No 1/2004 of the Free Trade Commission
	Annex: Rules of Procedure of the Free Trade Commission
09 June 2004	Decree 139. Approved uniform regulations to interpret, apply, and administer Chapters 3, 4 and 5 of the Free Trade Agreement and the agreement to modify Annex II (c), section 8
Source: Dirección General de Relaciones Económicas Internacionales, Chile (DIRECON); Ministry of Foreign Affairs and Trade, Korea

• Government of Chile 
• Subsecretaría de Relaciones Económicas Internacionales, Chile ( DIRECON) 
• Ministry of Foreign Affairs and Trade, Republic of Korea