The source 4U 1702-429 (Ara X-1) is a low-mass X-ray binary system hosting a neutron star. Albeit the source is quite bright ( $sim10^{37}$ erg s$^{-1}$) its broadband spectrum has never been studied. Neither dips nor eclipses have been observed in the light curve suggesting that its inclination angle is smaller than 60$^{circ}$.We analysed the broadband spectrum of 4U 1702-429 in the 0.3-60 keV energy range, using XMM-Newton and INTEGRAL data, to constrain its Compton reflection component if it is present. After excluding the three time intervals in which three type-I X-ray bursts occurred, we fitted the joint XMM-Newton and INTEGRAL spectra obtained from simultaneous observations. A broad emission line at 6.7 keV and two absorption edges at 0.87 and 8.82 keV were detected. We found that a self-consistent reflection model fits the 0.3-60 keV spectrum well. The broadband continuum is composed of an emission component originating from the inner region of the accretion disc, a Comptonised direct emission coming from a corona with an electron temperature of $2.63 pm 0.06$ keV and an optical depth $tau=13.6 pm 0.2$, and, finally, a reflection component. The best-fit indicates that the broad emission line and the absorption edge at 8.82 keV, both associated with the presence of ion{Fe}{xxv} ions, are produced by reflection in the region above the disc with a ionisation parameter of $Log(xi) simeq 2.7$. We have inferred that the inner radius, where the broad emission line originates, is $64^{+52}_{-15}$ km, and the inner radius of the accretion disc is $39^{+6}_{-8}$ km. (Abridged)
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