By Monsi A. Serrano
The partnership between the Philippines and Chile represents a forward-looking diplomacy rooted in shared prosperity and inclusive growth. Both nations are optimistic about advancing toward a more interconnected global economy, one that the Comprehensive Economic Partnership Agreement (CEPA) seeks to foster.
Speaking to THEPHILBIZNEWS, Trade Undersecretary Allan B. Gepty underscored the importance of the ongoing CEPA negotiations, saying the agreement is a strategic platform that will open new avenues for trade, investment, and innovation between the Philippines and Chile.
“We negotiate a Comprehensive Economic Partnership Agreement (CEPA) with Chile to maximize market access for goods especially for our top exports like storage units, personal care products, fishing nets, carrageenan, coconut products (desiccated), aero parts, medicaments, among others,” Gepty said.
He emphasized that the benefits of CEPA go beyond trade in goods, as it also aims to strengthen cooperation in services and investments that will support inclusive and sustainable growth.
“More than goods, however, market access for services and investments is very important for the Philippines as the CEPA will provide opportunities for our professionals, service providers and companies who want to explore and seize business opportunities in Chile,” he added.
Gepty further highlighted that the CEPA will pave the way for collaboration in key development areas that are vital to building a stronger economic presence in the Latin American region.
“We will also establish a platform for collaboration and partnership on innovation, education, research and development, among others, so that we can entrench our presence in the Latin American region,” the Trade Undersecretary said.
On the sidelines of the APEC Leaders’ Week, Gepty met with Chilean Vice Minister of Trade Claudia Sanhueza to reaffirm both countries’ commitment to advancing CEPA negotiations. Both officials expressed optimism that the agreement could be concluded at the earliest possible time, paving the way for stronger trade, investment, and innovation linkages.
Trade between the Philippines and Chile continues to grow significantly, surging by 137 percent in 2024 to reach USD 334.13 million. Chile now stands as the Philippines’ 37th largest trading partner, underscoring the strengthening of cross-Pacific relations between the two economies.
The Philippines–Chile CEPA is envisioned not merely as a trade accord but as a strategic bridge connecting Southeast Asia and Latin America, anchored on shared principles of openness, resilience, and innovation. As the Philippines pursues accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Chile explores participation in the Regional Comprehensive Economic Partnership (RCEP), both countries reaffirm their mutual commitment to building a more integrated and forward-looking regional economy.
Through CEPA, the Philippines and Chile are charting a new path for emerging economies, one where collaboration transcends geography and trade becomes a vehicle for inclusive and innovation-driven growth.