Also means
to set up, to found
Usage Note
Establecer is a -cer verb: the yo present is establezco. It is formal and common in legal, governmental, and academic writing. The reflexive establecerse means 'to settle, to set up a home or business': se establecieron en Madrid ('they settled in Madrid'). The related noun is establecimiento.
Examples
"El acuerdo establece nuevas normas de seguridad."
Natural Translation
The agreement establishes new safety regulations.
Literal Translation
The agreement establishes new norms of safety

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