The Philippines is set to sign its free trade agreement (FTA) with Chile in October, as it looks to upgrade bilateral ties while opening a promising new market for exporters.

Trade Secretary Cristina Roque told reporters that the signing of the comprehensive economic partnership agreement (CEPA) between the two countries is scheduled to take place in October.

She said both sides originally planned to sign the CEP by September but have since moved it to the following month to complete the legal scrubbing.

“But definitely before November, it should be signed already,” said Roque.

Roque recently met with Chile’s Minister of Foreign Affairs Francisco Pérez Mackenna in Manila to conclude negotiations for the CEPA.

The CEPA goes beyond tariff liberalization by establishing a modern framework to strengthen cooperation in trade, investment, and the digital economy.

It also covers commitments to sustainability, inclusivity, and economic resilience, as reflected in the agreement’s chapters on the environment, labor, global value chains, and trade and gender.

Once signed, the CEPA is expected to take effect early next year. It would be the Philippines’ first FTA with a Latin American country.

“It should be done as soon as possible so we can take advantage of the Chilean market,” said Roque.

Roque said some of the major exports that the Philippines wants to promote and expand in Chile include agricultural commodities, mineral products, and semiconductors.

She said the Philippines' FTAs with the European Union and Canada remain on track to be completed within the year.

The country's negotiations with Japan to amend its existing economic partnership agreement are expected to begin next month and conclude by November.

Roque added that she is hopeful of launching talks for a preferential trade agreement (PTA) with India before the end of the year.

Indian Ambassador to the Philippines Harsh Kumar Jain told Manila Bulletin that negotiations for a PTA would promptly start following the conclusion of the regional FTA between India and the Association of Southeast Asian Nations (ASEAN) in November.

The Philippines currently has 23 FTAs in force or under active negotiation with other countries, as the government looks to widen the country's export markets amid continued volatility in global trade.

Recently, the United States (US) imposed a 12.5-percent tariff on Philippine goods after a probe determined that the country failed to effectively prohibit imports produced with forced labor.

Estimates from the Department of Trade and Industry (DTI) showed that 34 percent of the country's exports to the US are covered by the new tariffs, including labor-intensive products such as leather and travel goods, apparel, footwear, and toys.