The Department of Trade and Industry (DTI) and its Chilean counterpart will soon commence its first free trade agreement (FTA) discussions in various areas of cooperation.

Trade and Industry Secretary Ma. Cristina Roque and Chile’s Minister of Foreign Affairs Alberto van Klaveren signed the joint statement formally launching the Comprehensive Economic Partnership Agreement (CEPA) negotiations in Makati City on Friday.

According to Roque, the Philippines-Chile CEPA will go beyond trade in goods and services in key areas such as intellectual property rights, digital economy, environment, labor, and micro, small, and medium enterprises (MSMEs), among others.

“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,” Roque said.

Gateway to ASEAN

Klaveren, on the other hand, said Chile considers the Philippines as the world’s gateway to ASEAN, which complements Chile’s position as the world’s bridge to Latin America.

“The Philippines represents a significant untapped market for Chile in Southeast Asia, underscoring the importance of formalizing this commercial relationship. We want to thank the Philippines for its commitment to this process, reiterate our commitment to moving steadily forward in these trade negotiations, and continue strengthening our ties of friendship,” the Chilean foreign minister added.

The formal talks for CEPA align with the Marcos administration’s directive to the DTI to diversify trade and investment partners by forging FTAs and CEPA, a product of the two Joint Economic Commissions (JECs) between the two countries on 15 August 2023 in Manila and on 8 November 2024 in Santiago, Chile.