MANILA, Philippines - The Philippines has expressed its intention to join the freshly-minted Trans Pacific Partnership (TPP) agreement once it opens its doors to new members.
The Department of Trade and Industry (DTI) said the recently-concluded TPP agreement is a timely and welcome development for the country as it is a significant component of the international trade strategy the Philippines has been implementing the past four years.
“Even before the TPP was concluded, the Philippine government had already undertaken technical consultations with six out of the 12 TPP countries, and the talks will continue,” DTI Undersecretary Adrian Cristobal said.
The TPP is a landmark agreement that reduces tariffs, lowers the cost of trade, and sets new and high standards for global trade while addressing next-generation issues. It is envisioned to promote economic growth, create jobs, raise living standards, reduce poverty, promote good governance and enhance labor and environmental protections among its member countries.
To become part of the TPP, the Philippines will need an endorsement from the 12 parties of the trade agreement consisting of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
“Joining the TPP will provide more opportunities to further strengthen our foothold in the global market with our local enterprises, workers and consumers benefiting from bigger markets and increased foreign investments,” Cristobal said.
Furthermore, the Philippines had previously conducted technical discussions with Malaysia, the US, New Zealand, Australia, Mexico and Canada and will soon initiate the same with the remaining six countries.
“From all indications, the 12 TPP members have been supportive of our desire to join but achieving membership will likely take time since the terms of the agreement must now be ratified by member-state legislatures before taking effect,” Cristobal added.