Philippines is hoping to complete Chile free trade agreement talks in April

THE PHILIPPINES is hoping to conclude negotiations for a free trade agreement (FTA) with Chile next month, the Department of Trade and Industry (DTI) said.

“For Chile, we’re almost there. We hope to conclude the negotiations, by next month,” Trade Undersecretary Allan B. Gepty told reporters last week.

“We’re just finalizing a few items.”

While the DTI cannot disclose which items have yet to be finalized, Mr. Gepty said “there is no major issue that can hinder the completion (of the FTA with Chile.)”

Once concluded, the Chile FTA would be the Philippines’ first trade deal in Latin America.

The countries first opened talks for a Comprehensive Economic Partnership Agreement (CEPA) in 2024.

Under the CEPA, the Philippines and Chile seek to go beyond trade in goods and services to cover areas like intellectual property rights, digital economy, micro, small and medium enterprises, environment, labor and trade and gender, among others.

Trade Secretary Ma. Cristina A. Roque has said the Philippines is aiming to sign its FTA with Chile this year.

In 2024, trade between the Philippines and Chile amounted to $266 million, with an average annual growth rate of 4.1%.

The Chile FTA forms part of the Philippines’ aim to conclude 20 FTAs by 2028.

The Philippines is also holding the next round of talks for its FTA with Canada next month, Mr. Gepty said.

“We intend to cover all the chapters of the FTA, so it will be a full round of negotiation,” he said.

“We’ll focus on the text-based negotiation, and we’ll start also discussing on the modalities for the market access,” Mr. Gepty noted.

The Philippines is also looking to conclude talks for its FTA with the European Union by June or July.

Ms. Roque cited the need for the Philippines to leverage FTAs to boost its global competitiveness.

Over 70% of Philippine exports reach partner markets through trade agreements, Ms. Roque said.

“One country is not the market… so, we must find a way to be competitive globally,” she said. — Beatriz Marie D. Cruz