MANILA, Philippines — The Philippines is hoping to announce within the year the start of negotiations for a bilateral free trade agreement (FTA) with Chile, the Department of Trade and Industry (DTI) said.
In addition, the Philippines wants to apply to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year.
Trade Undersecretary Allan Gepty told reporters that the DTI is working on a bilateral FTA with Chile in line with a directive to start forging partnerships with Latin American countries.
“We will be updating our study on the feasibility of having a bilateral FTA with Chile, and hopefully within the year, we can announce formally, depending on the result of the study,” he said.
“But most probably, it would be of course, positive,” he said further.
In terms of the coverage of the possible FTA with Chile, he said the Philippines wants greater market access for agricultural products, especially processed goods, as well as semiconductors.
Beyond goods, the Philippines is also interested in services and investments from Chile.
Gepty said Chile is interested in bringing its wines to the Philippines, as well as in opportunities in critical minerals and mining here.
Another FTA the country is eyeing is the CPTPP, which is composed of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The United Kingdom has been approved to join the trade pact.
“We’re pursuing that and we’re eyeing to hopefully at least formally apply this year,” Gepty said.
He said the Philippines is also working on having a bilateral FTA with Canada.
In addition, the DTI is looking at potential FTA partners in Africa.
On the bilateral FTA with South Korea, he said that based on the DTI’s latest communication with the Senate, the upper chamber is looking to start the public hearing for the concurrence process of the trade deal after the session resumes.
As for the FTA with the European Union, he said the third round of negotiations are set to take place in October this year.
On the Comprehensive Economic Partnership Agreement with the United Arab Emirates (UAE), he said the target is to conclude negotiations also in October.
The parties want to conclude the negotiations of the trade deal by that time as the countries are celebrating their 50th year of diplomatic relations this year.
The Philippines and UAE conducted the second round of negotiations for the trade agreement earlier this month.
“This is another milestone in our international trade relations because this will be the first time if ever that we will have an FTA with a Middle Eastern country,” Gepty said.
At present, the Philippines has FTAs with Japan, the European Free Trade Association, the Association of Southeast Asian Nations and is part of the Regional Comprehensive Economic Partnership agreement.