The research note investigates the growing economic and political interaction between two important Pacific Pim players, Chile and New Zealand, and analyses the rationale for the Closer Economic Partnership that is currently under discussion. Having analysed the data on trade between the countries it suggests that a mixture of strategic and symbolic geopolitical/geo-economic factors are driving the agreement rather than the desire to increase bilateral commodity exchange. As it is presently constructed, the agreement is likely to bestow disproportionate benefits on specific corporate actors in certain sectors. A research agenda for monitoring the broader impacts of the agreement is offered.