The Philippines and Chile signed an agreement in Makati City Friday to start negotiations for a bilateral Comprehensive Economic Partnership Agreement (CEPA).
Department of Trade and Industry (DTI) Secretary Ma. Cristina Aldeguer-Roque and Chile’s Minister of Foreign Affairs Alberto van Klaveren signed the joint statement during the latter’s official visit to Manila on Dec. 5, 2024.
The agreement sets the stage for the Philippines’ first bilateral trade negotiation with a Latin American country.
“Beyond trade, the CEPA should also be driven by a commitment to sustainability, inclusivity, and economic resilience,” said Roque, emphasizing its alignment with the Philippines’ economic goals.
DTI Undersecretary Allan Gepty outlined the roadmap for the negotiations, starting with finalizing the scoping paper by January 2025. Formal negotiations are expected to commence by late March.
Gepty highlighted the key areas of focus, including market access for goods and services, investment rules and trade facilitation.
Chile, a major exporter of copper and agricultural products, complements the Philippines’ strength in electronics, semiconductors and niche exports like fresh produce and coconut products.
“The CEPA presents opportunities for both nations, especially in leveraging Chile’s copper to support our electronics industry,” said Gepty.
The agreement aims to improve traditional trade, incorporating modern elements such as intellectual property rights, the digital economy and MSME development, alongside issues of labor, environment and trade inclusivity.
The signing was witnessed by officials from both nations, including Philippine Ambassador to Chile Celeste Vinzon-Balatbat and Chilean Ambassador to the Philippines Alvaro Domingo Jara Bucarey.
Once finalized, the CEPA is expected to strengthen economic ties with Latin America, enhance market access for Philippine exports and improve consumer welfare through lower prices and trade facilitation.
The initiative reflects the shared vision of the Philippines and Chile to deepen their economic partnership and expand global opportunities.
