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Manila Bulletin devider Business devider Trade & Industry devider Trade dialogue opens door to new Philippine-Peru pact

Trade dialogue opens door to new Philippine-Peru pact

Published Nov 3, 2025 03:19 pm
(Manila Bulletin file photo)
(Manila Bulletin file photo)
The Philippines is eyeing another potential free trade agreement (FTA) with a South American country as it agreed to further strengthen economic cooperation with Peru.
Over the weekend, the Department of Trade and Industry (DTI) announced that the Philippines and Peru will establish a joint trade commission (JTC).
The JTC was conceptualized by Trade Secretary Cristina Roque and Peruvian Minister for Foreign Trade and Tourism Teresa Stella Mera Gómez on the sidelines of the recently concluded Asia-Pacific Economic Cooperation (APEC) Summit in South Korea.
The commission will serve as a formal platform for dialogue and cooperation between the two countries, aimed at expanding and diversifying bilateral trade.
It will also pave the way for exploring new areas of partnership, such as a potential trade agreement.
Speaking to Peru’s government-owned news agency Andina, Gómez said the Latin American country has been eyeing a trade agreement with the Philippines to capitalize on its growing population.
With a population of over 112 million, Gómez noted that the Philippines is poised to be a strong market for Peruvian products.
The Philippines currently imports animal feed, articles of apparel and accessories, metalliferous ores and metal scrap, and metal products from Peru.
Meanwhile, its exports to Peru include tuna, electronic products, non-metallic mineral manufactures, and chemicals.
According to government data, bilateral trade between the two countries rose by 191 percent to $280.31 million last year.
The growth in trade, according to the DTI, indicates strong momentum and promising potential for further expansion under the JTC.
Meanwhile, the DTI also said the government aims to finalize negotiations for its comprehensive economic partnership agreement (CEPA) with Chile “at the soonest possible time.”
Trade Undersecretary Allan Gepty and Chilean Vice Minister of Trade Claudia Sanhueza reaffirmed both countries’ commitment to conclude negotiations and forge stronger regional collaboration.
This comes as the Philippines pursues accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), while Chile has expressed interest in joining the Regional Comprehensive Economic Partnership (RCEP).
The Philippines is a member of RCEP, whose participants include the 10 Association of Southeast Asian Nations (ASEAN) members and six FTA partners outside the region. Chile and Peru are both members of CPTPP.
Gepty, the country’s top negotiator for FTAs, said in July that both the Philippines and Chile aim to complete trade negotiations before the end of the year.
Once finalized, the CEPA with Chile will be the Philippines’ first FTA with a South American country.
Bilateral trade between the two countries rose by 137 percent to $334.13 million in 2024.
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