PCCI backs PHL bid to join CPTPP

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

PCCI views adherence to the CPTPP not just as an opportunity but as a strategic imperative, especially as global trade partners become more protectionist.

Membership in the CPTPP will grant the Philippines access to key markets such as Canada, Mexico, Peru, and the United Kingdom, which are currently inaccessible.

The trade agreement includes ten other countries: Australia, Brunei Darussalam, Chile, Japan, Malaysia, New Zealand, Singapore, and Vietnam, collectively representing a significant global economic bloc.

According to PCCI, this strategic initiative is essential for safeguarding the nation's economic future amidst increasing global trade fragmentation and protectionist policies from traditional trading partners.

Both large corporations and micro, small, and medium enterprises (MSMEs) are expected to benefit from reduced tariffs, enhanced trade rule predictability, and improved investment opportunities through CPTPP membership.