December 12, 2024

Potential Philippines-Chile FTA expected to drive trade and investment flows in agricultural products

The Philippines and Chile are exploring ways to deepen their bilateral ties, focusing on trade, agriculture, and investment, following the official visit of Chilean Foreign Minister Alberto Van Klaveren to Manila.

During a meeting with Philippine Foreign Affairs Secretary Enrique Manalo, the two sides held discussions on several key areas, including bilateral trade and investment, disaster risk reduction and management (DRRM), maritime cooperation, tourism, and agriculture, the Department of Foreign Affairs (DFA) said in a statement.

A significant outcome of the talks was the launch of negotiations for a Philippine-Chile Comprehensive Economic Partnership Agreement (CEPA). If successful, this would mark the first free trade agreement between the Philippines and a Latin American country. The agreement is expected to enhance trade and investment flows, particularly in agricultural products, and improve economic ties between the two nations.

The two officials also highlighted their previous collaboration at the ASEAN-Pacific Alliance Ministerial Meeting held in New York, the United States, in September, where they agreed to prioritise areas such as science, technology, innovation, smart cities, and connectivity.

- Bilyonaryo.com