PHL, Chile Target October Signing for Economic Partnership Pact

The Philippines and Chile are looking to sign their Comprehensive Economic Partnership Agreement (CEPA) by October, the Department of Trade and Industry (DTI) said. “We’re hoping to sign it by October,” Trade Secretary Maria Cristina A. Roque told reporters on the sidelines of the ASEAN Tech Summit on Wednesday. Once both parties finish the legal scrubbing process, the CEPA is expected to take effect by 2027, Ms. Roque said. “It should take effect (at the) soonest possible time so we can take advantage of the South American markets,” she noted. The CEPA is the Philippines’ first trade deal with a Latin American country, and is expected to further the diversification of its export markets. Possible beneficiaries of the trade agreement include agriculture, semiconductors and minerals, Ms. Roque said. “Beyond improving market access, the Philippines-Chile CEPA establishes a modern framework for cooperation in trade, investment, the digital economy, MSMEs (micro, small and medium enterprises), labor, and the environment,” the DTI said in a statement on Wednesday. The CEPA is also expected to create more opportunities for Filipino businesses, the DTI said, amid the ongoing uncertainties in global trade. Meanwhile, the DTI is looking to conclude negotiations for a free trade agreement (FTA) with the European Union, she added, with negotiations ongoing regarding an agriculture-related issue. The Philippines-Canada FTA is also expected to finish negotiations this year, Ms. Roque added. The DTI is also looking to wrap up the review of the Japan-Philippines Economic Partnership Agreement in November. — Beatriz Marie D. Cruz