The Philippines and Chile will launch a joint study on the possibility of a Comprehensive Economic Partnership Agreement (CEPA), according to Trade Undersecretary Allan Gepty.
If successful, the CEPA with Chile will be the country’s first free trade deal with a Latin American country. The joint study will identify areas of interest on both sides.
Gepty said at 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.
“In the discussion, there are many areas where the Philippines and Chile can strengthen economic collaboration. More than trade in goods, there (are) good prospect(s) in services, innovation, research and development, and education,” Gepty said in a text message on Tuesday.
Gepty added 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.
Gepty noted since the JEC inaugural meeting in 2023, bilateral economic relations between the Philippines and Chile have steadily gained momentum.
He said 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. Gepty did not provide details.
Gepty said although Chile is not a major and traditional partner of the Philippines, “we need to sustain these positive trends. “
“We want to establish an enabling environment for our stakeholders to seize opportunities in our respective economies,” Gepty said. He added a stable economic partnership with Chile is also aligned with the government’s trade policy direction of expanding its trade network and strengthen link with Latin America.
Source: Malaya Bussiness Insight
Share:
<p>Time: 2024 By: Ministry of Industry and Trade</p>
