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Philippines eyes membership in Trans-Pacific FTA
The Philippines is preparing to formally apply for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) within the current year as part of its strategy to diversify trade markets.
Trade Undersecretary Allan B. Gepty stated that the country intends to submit its formal application this year.
The Philippines has long been interested in joining the CPTPP, even when it was known as the Trans-Pacific Partnership (TPP) Agreement.
The entry of the United Kingdom into the CPTPP gave the Philippines more reason to join, as the UK is one of its major trading partners.
Key market access benefits anticipated from joining the CPTPP include access to economies such as Canada, Mexico, Peru, Chile, and the United Kingdom.
The Department of Trade and Industry (DTI) has already conducted an assessment of the trade pact and commissioned a study on the potential benefits of joining.
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