PCCI Urges Gov't to Accelerate CPTPP Accession

The country's largest business organization is urging the government to accelerate efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to expand markets being served by local businesses amid protectionist policies being imposed by other countries.

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In a statement, the Philippine Chamber of Commerce and Industry (PCCI) said it is strongly endorsing the Philippine government's formal application to accede to the CPTPP.

"We urge the government to pursue this accession with urgency and look forward to supporting the process," the PCCI said.

Earlier, the Department of Trade and Industry said it is aiming to formally submit its application to join the CPTPP this year.

The multilateral trade agreement sets high standards for its member countries.