The Department of Trade and Industry has reaffirmed the country’s commitment to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
CPTPP is a Free Trade Agreement (FTA) signed on 8 March 2018 in Santiago, Chile among Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam
During her meeting with Chilean Vice Minister of Trade Claudia Sanhueza at the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade meeting in Jeju, South Korea, Roque expressed that the Philippines is planning to submit its accession to the CPTPP within the first half of the year.
“We are grateful for Chile’s support during our Joint Economic Committee meeting last November. We count on Chile’s continued engagement and encouragement throughout the accession process,” the trade chief said.
The Philippines is taking decisive steps to join the CPTPP as part of its broader trade and investment agenda, which aims to improve its FTA network and open new markets.
The strategy aligns with the country’s broader push to enhance global economic integration.
The CPTPP Agreement is a separate treaty that incorporates, by reference, the provisions of the Trans-Pacific Partnership Agreement (signed but not in force), except a limited set of suspended provisions.
The CPTPP members have a shared vision for the Agreement, with the aim of ensuring it remains the “gold standard” of trade agreements and can adapt to the trade challenges confronting parties.
Other economies can join if they meet the agreement’s standards, including a record of complying with international trade commitments and gaining consensus support from CPTPP members.
Meanwhile, Sanhueza also aired intentions to accede to the Regional Comprehensive Economic Partnership (RCEP) during the meeting.
With this, Roque noted, “We welcome Chile’s application to join the RCEP and view its participation as a valuable addition to the partnership. Chile’s strong economic credentials and clear commitment to open trade make it a fitting partner.”