 Under the compulsory private pension system, most formal sector employees pay 10 percent of their salaries into privately managed funds.Chile has signed free trade agreements (FTAs) with a whole network of countries, including an FTA with the United States that was signed in 2003 and implemented in January 2004.Internal Government of Chile figures show that even when factoring out inflation and the recent high price of copper, bilateral trade between the U.S. and Chile has grown over 60 percent since then.