PH, Chile sign trade, disaster risk reduction agreements

President Benigno S. Aquino III and Her Excellency Michelle Bachelet, President of the Republic of Chile, witness the signing of agreements at the Reception Hall of the Malacañan Palace during the State Visit to the Philippines on Monday (November 16, 2015) at the sidelines of the APEC Economic Leaders’ Meeting in Manila. (Photo by Joseph Vidal / Malacañang Photo Bureau)

The Philippines and Chile signed two agreements yesterday at the Malacanang Palace during Chilean President Michelle Bachelet’s first state visit to the Philippines.

Pres. Aquino and Pres. Bachelet witnessed the signing of two agreements–one that aims to enhance trade relations and another that targets disaster risk reduction and managment.

Under the signed Letter of Intent on Enhancing Trade Relations, the Philippines’ Department of Trade (DTI) and Chile’s General Directorate for International Economic Relations (DIRECON) are mandated to “to continue talks in 2016 and develop a framework for a mutually beneficial trade agreement between the two countries,” said Pres. Aquino in his remarks.

“Our wish to start negotiation during the first semester of 2016 because we think it would be a good way to commemorate the 70 years of diplomatic relations between both countries,” Pres. Bachelet was quoted as saying in a report by Manila Bulletin.

Pres. Bachelet also said in the Letter of Intent that the agreement is the “first step” in promoting trade between the Philippines and Chile.

A joint feasibility study will be conducted to assess free trade agreement and its potential benefits.

The second agreement tackles the prevention and mitigation process, preparedness, response and rehabilitation regarding disaster risk reduction and management.

The agreement intends to “institutionalize cooperation between our governments in preparation for and during the onset of natural disasters,” said Pres. Aquino.

The two Presidents will both attend the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting this week.