Country ‘on track’ to join TPP negotiations

The Philippines is deemed to be on the right track in addressing the issues that will allow it to accede to the Trans-Pacific Partnership (TPP), deemed as the country’s only chance to have a trade agreement with the United States.

Speaking before a business luncheon Friday, Tim Groser, Minister of Trade of New Zealand, said they are well aware that the Philippine government is considering options in this respect, a move which they welcome.

New Zealand is one of the 12 countries that are part of the ongoing TPP negotiations.

Groser added that the Philippines was “making very good progress” in its preparations.

“I think what the Philippine government has done is completely rational. They have indicated to the president of the United States their interest and this is currently under active consideration. It’s a matter for the Philippines to decide whether they want to make that crucial last step and become a participant in the negotiation,” Groser said.

Goser however noted that what will be more critical now is for the existing members of the TPP negotiation to complete the deal, after which the Philippine government will be in a much better position to make an assessment on what it needs to do to live up to the “high standards” that may be agreed upon under the TPP.

The TPP, which is targeted for conclusion by August this year, is currently being negotiated among the US, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

This multilateral agreement is expected to lower trade barriers among participating countries and to strengthen patent protection, among others.

Meanwhile, Groser also noted that the Philippines is being regarded as an increasingly  significant trade partner for New Zealand firms, which can provide “sophisticated goods and services” for Filipino consumers.

He added that there is a lot of room for improving the bilateral trade between the two countries which has breached the 1-billion New Zealand dollar mark last year.

“We do recognize that this country is starting to make good progress. If the future governments are able to sustain this momentum, this country, unquestionably, can become a major economy and a very important trading partner for New Zealand,” Groser said.