The present research analyzes the economic effects of the commercial relations between Colombia and Chile from the implementation of its Free Trade Agreement in 2009. In the same way, the performance of imports and exports in search of economic sectors, according to the International Industrial Classification Uniform, was studied, most benefited and affected. Also, the development in the dynamics of foreign direct investment performed between the two countries. In this sense, an exploratory review of the data was carried out (real GDP, exchange rates, commercial flow and investments), comprising the period 1998-2016 and the equation of a gravitational model representing the influence of trade relations between the two countries was estimated. It is concluded that the trade agreement favored the two countries, increasing bilateral trade, investment and production.