The Philippine Chamber of Commerce and Industry (PCCI) is strongly endorsing the Philippine government’s formal application to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This strategic move is critical for securing the nation’s economic future at a time of increasing global trade fragmentation and protective measures from traditional partners.
In a statement, the PCCI said that the Philippines’ accession to CPTPP is not merely an opportunity but a strategic necessity. With key trading partners becoming more cautious towards imports to reinforce their own domestic industries, the Philippines must proactively diversify its export markets and reduce its vulnerability. The CPTPP provides a powerful avenue to achieve this, allowing the Philippines to integrate deeper with a bloc of dynamic economies committed to open markets.
The CPTPP comprises 12 member economies—Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom—representing a combined population of over 500 million and a GDP of USD $13.5 trillion. By joining, the Philippines will gain preferential access to critical markets where it currently lacks bilateral trade agreements, notably Canada, Mexico, Peru, and the United Kingdom.
For Philippine enterprises, from large corporations to micro, small, and medium enterprises (MSMEs), this translates into reduced tariffs, greater predictability in trade rules, and enhanced investment prospects. It will empower our businesses to expand their reach, integrate into regional value chains, and strengthen their competitiveness on a global scale.
According to the group, this initiative aligns perfectly with the goals of the Philippine Development Plan 2023–2028. It builds upon the country’s existing economic commitments, such as the Regional Comprehensive Economic Partnership (RCEP) and its agreements with Japan, South Korea, and the European Free Trade Association, creating a cohesive and robust network of trade alliances.
“The PCCI believes that CPTPP membership is a decisive step towards future-proofing the Philippine economy. It will attract high-quality investments in the country, create jobs, and provide our businesses with the platform they need to thrive in an increasingly competitive and protectionist global environment. We urge the government to pursue this accession with urgency and look forward to supporting the process,” the PCCI statement concluded.
