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PH-Chile to launch FTA talks

Malaya - 06 December 2024

PH-Chile to launch FTA talks

The Philippines and Chile will launch negotiations on a possible Comprehensive Economic Partnership Agreement (CEPA).

The Department of Trade and Industry (DTI) on Thursday said DTI Secretary Cristina Roque and Chilean Foreign Minister Alberto van Klaveren are set to sign on December 6 a joint statement officially launching negotiations for a CEPA, potentially the Philippines ‘first free trade agreement with a Latin American country.

The DTI said this signing underscores both countries’ commitment to enhancing trade and investment relations by expanding market access and strengthening economic cooperation in areas of mutual interest.

t the 2nd Joint Economic Committee (JEC) in Santiago last November 8, both countries tackled the possibility of collaborating in services, innovation, research and development, and education while exploring market access on both sides.

Another aspect that can promote trade and investments in the two economies is peoples’ ties.

The Philippines wants greater market access for agricultural products such as processed goods, as well as semiconductors and is keen on services and investments from Chile.

Chile, on the other hand, is keen on bringing its wines to the Philippines and is seeking opportunities in critical minerals and mining.

The JEC serves as a platform to promote economic partnership and to address trade and investment issues between two countries.

Since the JEC inaugural meeting in 2023, bilateral economic relations between the Philippines and Chile have steadily gained momentum.

Trade grew 27.4 percent from $110.8 million in 2022 to $141.2 million in 2023.

In 2023, the Philippines noted investments from Chile after nearly five years of inactivity.


 source: Malaya