PCCI backs PH bid to join CPTPP trade bloc

The Philippine Chamber of Commerce and Industry (PCCI) supports the country's formal application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

PCCI views joining the trade bloc as a strategic necessity due to increasing protectionist measures from traditional trade partners.

Access to critical markets in Canada, Mexico, Peru, and the United Kingdom, which are CPTPP members, will be granted to the Philippines.

The CPTPP includes Australia, Brunei Darussalam, Chile, Japan, Malaysia, New Zealand, Singapore, and Vietnam, with a combined GDP of $13.5 trillion.

This strategic move is seen as vital for the Philippines' economic future amidst global trade fragmentation.

Both large corporations and MSMEs are expected to benefit from reduced tariffs, predictable trade rules, and improved investment opportunities.