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Chile, Philippines To Pursue Free Trade Deal

by Mike Godfrey, Tax-News.com, Washington

02 June 2015


Chile and the Philippines have agreed to conduct a study to determine the feasibility of concluding a free trade agreement, Chile's Directorate General of International Relations announced on May 27, 2015.

The two countries will hold meetings in the second half of this year to assess progress.

The head of the Directorate, Andrés Rebolledo, said that an FTA with the Philippines could open up a market of about 100m people to Chilean products.

Rebolledo noted that Chile is already negotiating an FTA with Indonesia. He said that Indonesia and the Philippines account for about 60 percent of the population of the Association of Southeast Asian Nations (ASEAN).

The President of the Philippine Chamber of Commerce and Industry, Alfredo Yao, pointed out that the FTA would also allow Chile to use the Philippines as a hub to reach other markets in Southeast Asia.

Chile currently has 24 FTAs in place with 62 economies, covering 63.3 percent of the world's population and 85.3 percent of global gross domestic product (GDP). Most recently a new FTA for Chile with Hong Kong became effective from November 29.

The Philippines has FTAs with Japan and, as an ASEAN member, with China, South Korea, India, Japan, Australia, and New Zealand. The country began negotiations on an FTA with the European Free Trade Association in March.

TAGS: tax | free trade agreement (FTA) | Chile | India | export duty | gross domestic product (GDP) | tariffs | Australia | China | Philippines | agreements | Hong Kong | Indonesia | New Zealand | import duty | trade | Japan | Europe

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