THE PHILIPPINES needs to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to expand its trading network in the face of unpredictable US trade policy, the British Chamber of Commerce Philippines (BCCP) said.
“We would encourage the Philippines to join CPTPP. This is another trading bloc which has countries like Australia, Japan… and the UK has joined,” BCCP Executive Director and Trustee Chris Nelson told BusinessWorld by phone on April 11.
The UK joined the bloc in December.
The CPTPP is a Free Trade Agreement involving 11 countries, — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
“We know from discussions with the Department of Trade and Industry (DTI) that this is under consideration and this would further help, in our opinion, the Philippines because it would be able to trade also, obviously, with that bloc,” he said.
Last month, Trade Undersecretary Allan B. Gepty said that the Philippines is working on its planned accession to the CPTPP.
“I think the impetus to trading blocs such as ASEAN, such as the Philippines, is to develop other trading areas in order to be even better diversified,” he said.
Mr. Nelson recently met with Finance Secretary Ralph G. Recto and discussed priority areas on cybersecurity, food inflation and promoting trade and investments. — Aubrey Rose A. Inosante