PH-Chile free trade talks to start soon
The Philippines is aiming to start this year the discussions on a free trade agreement (FTA) with the South American country of Chile, according to a high-ranking trade official from Manila.
“We will be just updating our feasibility study of having a bilateral FTA with Chile. And hopefully within the year, we will be able to make an announcement formally, depending on the result of the study,” Trade Undersecretary All Gepty told reporters during a recent roundtable discussion.
Gepty said they were hoping that a trade pact with Chile would improve the market access of the Philippines’ agricultural products, particularly processed goods.
“Chile, on their part, wants [the same] for their wines,” he said, adding that semiconductors are always one of the top products,
“They are also interested in critical minerals, mining.” Gepty said further.
But more than merchandise goods, the Philippine official said that they were also hoping to improve the flow of services and investments between the two countries.
The Philippines has explored the possibility of an FTA with Chile during the term of the country’s late President Benigno Aquino III in 2015.
Aside from Chile, the Philippines is also aiming for an FTA with a number of African countries, including South Africa, Nigeria and Kenya, as well as Canada.
According to international market research firm Statista, the three African countries import tens of billions of dollars’ worth of goods each year, indicating the size of the potential market that the Philippines can capitalize on. INQ
