  Chiral effective field theory has established itself as the method of choice
to study nuclear forces and low-energy nuclear dynamics. I review the status
and prospects of this approach and discuss ongoing efforts to advance the
precision frontier for ab initio description of few-nucleon systems. Special
emphasis is put on the precise determination of the two-nucleon force at fifth
order in the chiral expansion, role of the chiral symmetry, the convergence
pattern of the chiral expansion and the quantification of the theoretical
uncertainties. The discussed topics are essential for ongoing studies towards
elucidating the structure of the three-nucleon force which will be briefly
addressed as well.
