The Philippines and Chile are moving forward discussions for a Comprehensive Economic Partnership Agreement (CEPA), following the Trade officials’ meeting in Jeju, South Korea.
In a statement Friday, the Department of Trade and Industry (DTI) said Secretary Ma. Cristina Roque and Chilean Vice Minister of Trade Claudia Sanhueza met on May 15 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting to reaffirm the commitments of both countries to push for a free trade agreement (FTA).
The latest meeting is a follow through on Roque’s meeting with Chilean Minister of Foreign Affairs Alberto van Klaveren in December 2024, wherein both parties launched the CEPA negotiations.
The CEPA is expected to boost trade in goods and services, as well as improving the overall bilateral economic partnership between the Philippines and Chile.
Once concluded, this could be the Philippines’ first FTA with a Latin American country.
Aside from CEPA, Roque and Sanhueza also discussed Manila’s interest to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Santiago’s application to accede to the Regional Comprehensive Economic Partnership (RCEP).
“We are grateful for the support that Chile expressed during our Joint Economic Committee meeting last November. We count on Chile’s continued engagement and encouragement throughout the accession process (of CPTPP),” Roque said.
Likewise, Roque has welcomed Chile’s application to join the RCEP, viewing its participation as a “valuable addition to the free trade deal”.
“Chile’s strong economic credentials and clear commitment to open trade make it a fitting partner,” she said.
The Marcos administration, through the DTI, is pursuing high-impact trade agreements to support inclusive growth, attract foreign investments, and improve market access for Philippine exports. (PNA)
