THE PHILIPPINES and Chile are hoping to conclude text-based and market access negotiations for a free trade agreement (FTA) within the year, the Department of Trade and Industry (DTI) said.
“For the third round, we achieved substantial progress in the text-based negotiations, and we are hoping to conclude the same within the year,” Trade Undersecretary Allan B. Gepty said via Viber.
“We also started negotiations on market access, and we target to finish the same also this year,” he added.
The third round of negotiations for the Philippines-Chile Comprehensive Economic Partnership Agreement (CEPA) took place on Oct. 6 to 10.
The third round covered goods, services, transparency, digital trade, intellectual property, and technical cooperation, among others.
“We are considering another negotiation round in December. In the meantime, we will optimize virtual intersessional meetings to fast-track the negotiations,” Mr. Gepty said.
According to the DTI’s Bureau of International Trade Relations, both sides have committed to finalize the trade deal as soon as possible.
“Basically, we will negotiate to maximize market access for goods in Chile, especially for our top exports like storage units, personal care products, fishing nets, carrageenan, coconut products (desiccated), aero parts, and medicaments, among others,” he said.
Mr. Gepty said a CEPA will also open up doors for services and investment.
“The CEPA will provide opportunities for our professionals, service providers, and companies who want to explore and seize business opportunities in Chile,” he said.
“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 Latin America,” he added.
Last month, the DTI said the CEPA will create up to $9 million in trade gains, including trade creation of $3.9 million, mostly in electronics, and then trade diversion of $4.68 million.
If realized, the agreement will be the Philippines’ first FTA in Latin America. — Justine Irish D. Tabile
