Civilian governments - which took over from the military in March 1990 have continued to reduce the government's role in the economy while shifting the emphasis of public spending toward social programs. Chile's currency and foreign reserves also are strong, as sustained foreign capital inflows including significant direct investment have more than offset current account deficits and public debt buybacks. President FREI, who took office in March 1994, has placed improving Chile's education system and developing foreign export markets at the top of his economic agenda. Despite this progress, the Chilean economy remains largely dependent on a few sectors particularly copper mining, fishing, and forestry. In 1996, Chile became an associate member of Mercosur and concluded a Free Trade Agreement with Canada.
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