Chile and Hong Kong signed a free trade agreement today as part of the ceremonies of the 20th Asia-Pacific Economic Cooperation summit in Vladivostok, Russia.

Trade between Chile and Hong Kong reached $500 million last year and should double in the near future, Chilean President Sebastian Pinera was cited as saying in an e-mailed statement.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net.

To contact the editor responsible for this story: Philip Sanders at psanders@bloomberg.net.