The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, is backing the establishment of a free-trade agreement (FTA) between the Philippines and Chile.
Negotiations for the FTA are expected to kick off in November this year, during the state visit of Chilean President Michelle Bachelet Jeria.
Chilean Vice Minister for International Trade Andres Rebolledo last Tuesday met with PCCI President Alfredo M. Yao wherein mutual hopes for a swift creation of the FTA were expressed.
In a statement, Yao said he hopes for a quick establishment of a bilateral FTA, as consultations have already begun between the Department of Trade and Industry (DTI), and its Chilean counterpart.
Yao hoped that there may be a gradual phasing out period when it comes to tariffs or subsidies, considering that Chile has an open economy.
He said he hopes that progress on other areas such as investments, standards on labor and environment, and competition rules will be “quick.”
Yao said negotiations for the bilateral pact between governments of Chile and the Philippines could be launched by the time the president of Chile makes a state visit to the country for the Apec leaders’ meeting in November.
Jeria would be accompanied by a delegation of Chilean CEOs eager to seek partnerships with Filipino business partners, Yao said.
According to data from the DTI, total bilateral trade between the Philippines and Chile declined to $72.73 million from $133.27 million. The Philippines enjoyed a trade surplus of $17.44 million in 2014.