Phl eyes membership in Trans-Pacific FTA

The Philippines is aiming to formally submit its application to join the high-standard Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year as part of its strategy to diversify trade markets, according to the Department of Trade and Industry.

- By Louella Desiderio

"In terms of target, (it's) within the year. We might formally submit our application to accede," Trade Undersecretary Allan Gepty told reporters.

The development comes amid the United States' imposition of reciprocal tariffs on trade partners, including the Philippines.

Prior to the April 9 announcement of the 90-day pause on reciprocal tariffs and lowering of the levy to 10 percent for most countries, the US had imposed a 17-percent tariff on goods coming from the Philippines.

Gepty said the Philippines has long been interested in joining the CPTPP, even back when it was still known as the Trans-Pacific Partnership or TPP.

"With the entry of the United Kingdom, it gave us more reason to join CPTPP," he said, noting that the UK is one of the Philippines' major trading partners.

In December last year, the UK officially became part of the CPTPP, which sets high standards on trade for members such as Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The free trade agreement (FTA) started as the TPP, with the US part of the pact.