The Philippines and Chile started their negotiations for a free trade agreement in a bid to expand economic relations currently valued at more than $140 million annually, officials announced Friday.

Philippine Trade Secretary Ma. Cristina Roque and Chile’s Minister of Foreign Affairs Alberto van Klaveren disclosed in a press conference in Makati their governments’ discussions for the Comprehensive Economic Partnership Agreement (CEPA).

“Beyond 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 of inclusivity and resilience,” Roque said in a statement.

According to Roque’s office, the CEPA between the Philippines and Chile also includes key areas such as intellectual property rights, digital economy, MSMEs, environment, labor, and trade and gender, among others.

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She likewise said that the planned agreement presents significant benefits for the Philippines, such as enhanced market access for key exports, increased consumer welfare with lower prices of goods, and facilitative rules of trade.

For his part, Klaveren said the trade between the Philippines and Chile is “relatively modest” for now, but cited future potential.

“Our countries’ exports, though, are complementary. Chile focuses on agriculture, processed foods, forestry, and chemicals, while the Philippines specialize in electronics, transport equipment, machinery and, obviously, services. Strengthening the commercial agreement could capitalize on this complementarity,” he said.

Trade in goods between the Philippines and Chile was valued at $141.24 million in 2023, with exports to Chile amounting to $37.84 million and imports from that country reaching $103.41 million, according to data from the Department of Trade and Industry (DTI)

The value of their two-way trade in goods was at $110.78 million in 2022, $84.39 million in 2021, $61.33 million in 2020, and $99.23 million in 2019.

Source: Inquirer
 

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