THE PHILIPPINES is set to submit its formal application to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade official said.
“The first step is to file your formal application … So, this year we intend to submit our application to accede,” Trade Undersecretary Allan B. Gepty told reporters this week.
“As part of the process, informally you have to engage with CPTPP parties … We are doing that right now; we actually met a lot of them,” he added.
He said that the Philippines has been expressing its interest in joining the CPTPP even when it was still called the 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.
The free trade agreement (FTA) later evolved into the CPTPP, and in July 2023, the remaining signatories signed an accession protocol with the United Kingdom (UK).
He said that the DTI has conducted an evaluation and assessment of the FTA and has commissioned a study on the advantages and benefits of joining the CPTPP.
“There are two things: market access and rules. Now in terms of market access, of course the value add would be market access to Mexico, Canada, Peru, Chile, and now of course the UK,” he said.
“Actually, with the entry of the UK, it gave us more reason to join CPTPP because the UK is one of our biggest trading partners,” he added.
On rules, he said that the standards of the CPTPP are higher, making foreign investors who are very particular on certain rules welcome the country’s accession.
Meanwhile, Mr. Gepty said that the Philippines and Chile will be holding their first in-person round of negotiations in July.
“But in May, we have to meet virtually to at least start the talks … because our schedule is tight. It is already May, and in June we have the negotiations with the European Union,” he said.
“And then we have a joint economic commission (JEC) with Canada on June 6,” he added, noting that the JEC will also cover exploratory talks for an FTA.
In a statement, the Tariff Commission said it will be holding a public consultation regarding participation in the ASEAN-Canada Free Trade Agreement negotiations.
The consultation is scheduled for May 7. — Justine Irish D. Tabile