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MANILA, Philippines — Nearly two years after launching talks, the Philippines and Chile have finalized negotiations on a comprehensive economic partnership agreement (CEPA), the country’s first bilateral trade pact with a Latin American nation.

In a Facebook post, the Department of Trade and Industry’s (DTI) Bureau of International Trade Relations said Trade Secretary Cristina Roque and Chilean Foreign Minister Francisco Mackenna welcomed the conclusion of the negotiations during a recent meeting in Manila.

READ: Chile-PH trade pact still on amid leadership change

Roque said the agreement would strengthen the Philippines’ growing network of trade deals while creating new opportunities for Filipinos.