Chile and the Philippines are aiming for the “timely finalization” of the Comprehensive Economic Partnership Agreement (CEPA), a bilateral trade deal designed to strengthen economic ties between the two nations.

The Department of Foreign Affairs (DFA) said Wednesday that Chile expressed this goal following the first in-person negotiations on the agreement in July.

The week-long talks, held in Santiago from July 21 to 25, focused on key CEPA chapters, including trade in goods and services, and other priority areas.

Pablo Urria, chief negotiator and head of the Asia and Oceania Division of Chile’s Ministry of Foreign Affairs, said both countries share the same ambition for a swift conclusion and underscored the importance of opening new markets for exports.

Chile Ministry of Foreign Affairs Undersecretary Claudia Sanhueza, meanwhile, acknowledged that the CEPA would be a significant step to expanding cooperation in Southeast Asia, one of the most dynamic regions in the world.

Sanhueza cited the “highly complementary nature” of the two economies in paving the potential synergy between the Philippines and Chile.

Philippine Trade Undersecretary and Chief Negotiator Allan Gepty echoed these views, citing the strategic alignment of the two states.

“Chile is a recognized leader in sustainable agriculture, clean energy, and mining innovation. The Philippines, with its young and dynamic workforce, growing digital economy, and expanding manufacturing and services sectors, offers a gateway to Southeast Asia and beyond,” he said.

In 2024, trade between the Philippines and Chile reached USD266 million, with an average annual growth rate of 4.1 percent.

The CEPA aims to provide a comprehensive framework for economic cooperation and to go beyond trade in goods and services by including such areas as digital economy and intellectual property rights.

The agreement seeks to enhance competitiveness, increase market access, and support the growth of small and medium enterprises through participation in international trade.

The Philippines-Chile CEPA is poised to be the Philippines’s first economic agreement with a Latin American country.

The CEPA negotiations were launched in December 2024, and both countries expressed commitment to finalize negotiations by the end of 2025. (PNA)