The Philippines and Chile have taken a significant step toward strengthening bilateral relations with the launch of the negotiations for a Comprehensive Economic Partnership Agreement (CEPA), the Department of Trade and Industry (DTI) said in a news release.
This milestone highlights both nations’ commitment to deepen economic collaboration and unlock new opportunities for trade and investment, it said.
DTI Secretary Ma. Cristina Aldeguer-Roque and Chile’s Minister of Foreign Affairs, Alberto van Klaveren, signed the Joint Statement officially launching the negotiation during the latter’s official visit to Manila on December 6, 2024.
The signing ceremony was witnessed by key government officials from both sides, including Philippine Ambassador to Chile, Celeste Vinzon-Balatbat, and Chilean Ambassador to the Philippines, Alvaro Domingo Jara Bucarey.
The CEPA aims to go beyond trade in goods and services by including key areas such as intellectual property rights, digital economy, MSMEs, environment, labor, and trade and gender, among others.
Emphasizing the potential of the agreement, Secretary Roque said, “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.”
The CEPA with Chile presents significant benefits for the Philippines, including enhanced market access for key exports, increased consumer welfare with lower prices of goods, and facilitative rules of trade. Strengthened economic ties with the Latin American region is also expected.
This joint initiative reflects the shared vision of the Philippines and Chile to expand economic opportunities and deepen their partnership on the global stage. Through the CEPA, both nations look forward to fostering a more robust and mutually beneficial relationship.
