Philippines wrapping up talks on TPP membership

MANILA, Philippines - The Philippines intends to conclude consultations with six Trans Pacific Partnership (TPP) member-countries this year as it hopes to be first in line when the agreement opens doors to new members, the Department of Trade and Industry (DTI) chief said.

Trade Secretary Adrian Cristobal Jr. said yesterday technical consultations with six TPP-member economies would push through this year as the DTI hopes to wrap up all consultations before the year ends.

Countries in line for technical consultations include Brunei, Japan, Peru, Singapore, the United States and Vietnam.

Cristobal said the country finished last year consultations with Australia, New Zealand, Mexico, Malaysia, Canada, and Chile.

The Philippines will need an endorsement from the 12 parties of the trade agreement to become part of the TPP.

“We have set up a schedule of consultations and assessments. So there are six more to go and we will continue that this year. In the meantime, studies that have been commissioned not just by us but by other groups will also be completed this year,” Cristobal said.

Although the country is serious in joining the TPP, Cristobal said the government is would still want to assess further its potential impact to the Philippine economy.