THE Philippines and Chile will soon craft a mutually beneficial trade and investment pact.
Philippine Trade Secretary Ma. Cristina Roque and Chile’s Minister of Foreign Affairs Alberto van Klaveren on Friday signed a joint statement to start negotiations for a Comprehensive and Economic Partnership Agreement (CEPA).
Beyond the trading of goods and services, the CEPA encompasses the fields of intellectual property rights, digital economy, micro, small and medium enterprises (MSMEs), the environment, labor and gender, among others.
The deal will create wider market access for key Philippine exports, increase consumer welfare with lower prices of goods and facilitative rules of trade.
“The CEPA should also be driven by a commitment to sustainability, inclusivity and economic resilience. By addressing new-generation trade issues, the agreement aligns with the Philippines’ goals,” Roque said.
Trade Undersecretary and lead negotiator Allan Gepty said the first round of talks will be held in Chile in late March 2025 and completed by the end of 2026.
Gepty pointed out Chile is not a traditional trading and investment partner of the Philippines, since some of its goods include high-value items, copper and aquaculture products. On the other hand, the Philippines’ exports to Chile include video projectors, personal care products and electronics.
He encouraged Filipino stakeholders, particularly MSMEs, to consider the Chilean market for exports.
The Department of Trade and Industry said other economic partnerships in Latin America are likewise being planned.
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