 In 2002 Chile signed an association agreement with the European Union (comprising a free trade agreement and political and cultural agreements), in 2003, an extensive free trade agreement with the United States, and in 2004 with South Korea, expecting a boom in import and export of local produce and becoming a regional trade-hub.Continuing the coalition's free trade strategy, in August 2006 President Bachelet promulgated a free trade agreement with the People's Republic of China (signed under the previous administration of Ricardo Lagos), the first Chinese free trade agreement with a Latin American nation; similar deals with Japan and India were promulgated in August 2007.In October 2006, Bachelet promulgated a multilateral trade deal with New Zealand, Singapore and Brunei, the Trans-Pacific Strategic Economic Partnership (P4), also signed under Lagos' presidency.