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Philippines to formally submit application to CPTPP

Louella Desiderio - The Philippine Star
Philippines to formally submit application to CPTPP
The Philippines continues to take decisive steps to widen its network of free trade deals and open new markets for its goods and services.

Within first half

MANILA, Philippines — The Philippines is set to formally submit its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) within the first semester, according to the Department of Trade and Industry.

The DTI said in a statement that Trade Secretary Cristina Roque met with Chilean Vice Minister of Trade Claudia Sanhueza on the sidelines of the Asia-Pacific Economic Cooperation Ministers Responsible for Trade Meeting in Jeju on May 15 to discuss the Philippines’ interest in joining the CPTPP.

During the meeting, Roque highlighted the Philippines’ anticipated formal application to join the CPTPP. 

The DTI said the plan is to submit the formal application “within the first half of the year.”

“We are grateful for the support that Chile expressed during our Joint Economic Committee meeting last November. We count on Chile’s continued engagement and encouragement throughout the accession process,” Roque said.

The Philippines has been interested in joining the CPTPP even back when it was still known as TPP, with the United States part of the pact.

While the US under the first term of President Donald Trump backed out of the trade deal in 2017, other countries continued talks and signed agreement in 2018.

The CPTPP, which sets high standards on trade, is composed of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United Kingdom. 

The Philippines is taking decisive steps to join the CPTPP to widen its network of free trade deals and open new markets for Philippine goods and services.

Forging more free trade deals has also become more important amid the US’ imposition of reciprocal tariffs on trading partners, which is causing uncertainty globally.

During the meeting between Roque and Sanhueza, the trade ministers also discussed the opening of negotiations for the Comprehensive Economic Partnership Agreement (CEPA).

Following the launch of the CEPA negotiations last December, Roque expressed optimism for the agreement’s potential to strengthen trade in goods and services, while integrating modern elements such as digital trade, labor and sustainability.

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