The Philippines is planning to submit its formal application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) within the first half of the year, Trade and Industry Secretary Cristina A. Roque announced.
Roque said this during a meeting with discussion with Chilean Vice Minister of Trade Claudia Sanhueza at the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju on May 15.
The discussions centered on the opening of negotiations for the Comprehensive Economic Partnership Agreement (CEPA), the Philippines’ interest to join the CPTPP and Chile’s interest to accede to the Regional Comprehensive Economic Partnership (RCEP).
The Philippines is taking decisive steps to join the CPTPP as part of the country’s broader trade and investment agenda to widen its FTA network and open new markets for Philippine goods and services. The strategy aligns with the Philippines’ broader push to enhance its global economic integration.
“We count on Chile’s continued engagement and encouragement throughout the accession process of CPTPP,” said Roque in a statement.
The Philippines has been keen in joining the CPTPP, previously known as Trans-Pacific Partnership (TPP) Agreement. The TPP was signed by Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, Vietnam, and the US. However, the US withdrew its membership in 2017.
CPTPP is seen to champion high-standard rules and regulations compared to other trade agreements. This means the CPTPP sets a higher bar for trade and investment liberalization, with a focus on promoting market openness and sustainable development.
On RCEP, Roque welcomed Chile’s application to join the mega trade deal. She said that Chile’s participation is a valuable addition to the partnership.
“Chile’s strong economic credentials and clPreview (opens in a new tab)ear commitment to open trade make it a fitting partner,” Roque said.
