THE Philippine Chamber of Commerce and Industry (PCCI) said accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will further embed the Philippines into some of the world’s more dynamic and open economies, which it said was necessary to counter ongoing disruptions to world trade.
In a statement on Thursday, the PCCI endorsed the government’s formal application to accede to the CPTPP.
“This strategic move is critical for securing the nation’s economic future at a time of increasing global trade fragmentation and protective measures from traditional partners,” it said.
“This accession is not merely an opportunity but a strategic necessity. With key trading partners becoming more cautious towards imports to reinforce their own domestic industries, the Philippines must proactively diversify its export markets and reduce its vulnerability,” it added.
The CPTPP comprises Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the UK, which represent a combined population of over 500 million and $13.5 trillion in gross domestic product.
“By joining, the Philippines will gain preferential access to critical markets where it currently lacks bilateral trade agreements, notably Canada, Mexico, Peru, and the UK,” the PCCI said.
The CPTPP will also lower tariffs for large corporations and micro, small, and medium enterprises (MSMEs), while improving the predictability of trade rules and improving the prospects for investment.
“It will empower our businesses to expand their reach, integrate into regional value chains, and strengthen their competitiveness on a global scale,” it said.
“It will attract high-quality investments, create jobs, and provide our businesses with the platform they need to thrive in an increasingly competitive and protectionist global environment,” the PCCI said.
“We urge the government to pursue this accession with urgency and look forward to supporting the process,” it added. — Justine Irish D. Tabile