WASHINGTON -- U.S. President Barack Obama on Tuesday hailed the economic achievements made in Chile, as he discussed the Trans-Pacific Partnership (TPP) and bilateral ties with his Chilean counterpart Sebastian Pinera at the White House.

Obama said Chile's remarkable growth in the past decades has reduced poverty, helped the South American nation establish a " strong" manufacturing, industrial and service base and boosted its exports.

He also praised Chile's embrace of democracy, human rights and a market economy, saying "as a consequence, Chile has become not only a leader in the hemisphere but also a leader in the world."

The president told reporters that he had a wide-ranging discussion with Pinera, including the TPP negotiations, visa waiver program for Chileans as well as ways to boost people-to- people exchanges and cooperation on energy between their countries.

Pinera, for his part, said his country is "fully committed" to the TPP, which involves 11 countries now and will create the largest free trade zone in the world once negotiations conclude successfully.

"We hope that in the near future we will be able to make the progress necessary to get that Trans-Pacific Partnership deal done, " he added, noting a free trade agreement signed in 2004 has more than tripled Chile-U.S. trade.

Obama visited Brazil, Chile and El Salvador in March 2011 in a trip that he focused on job creation for Americans.