The Department of Trade and Industry will continue to make an aggressive pitch for the country’s inclusion in the TransPacific Partnership Agreement—of which the United States is a key figure—as this trade deal could offer highly lucrative market access and investment opportunities for the country’s micro, small and medium sized enterprises (MSMEs).
This was despite President Duterte’s recent pronouncements that were deemed by many as anti-American.
The DTI stressed that the TPP could be considered one of the most important trade agreements concluded to date, and the Philippines’ possible accession to what was regarded as the largest regional trade accord in history, would thus mean “greater opportunity to boost the country’s position in the global market through local MSMEs, workers and consumers, as they benefit from bigger potential markets and increased foreign investments,” explained Trade Assistant Secretary Anna Maria Diaz-Robeniol.
“The Philippines’ current competitive position may be further enhanced through multi-lateral agreements, as the country continuously becomes a regional hub for growth, investments and exports—where peace and order is evident,” Robeniol added.
The DTI noted that Brunei Darussalam, Malaysia, Singapore and Vietnam were already part of the TPP, and that the Philippines had already registered its interest to join the said partnership, “with an objective to meet the high standards of the trade pact.”
The TPP, which is expected to generate an additional $225 billion to the world economy by 2025, is a landmark agreement that eliminates or reduces tariffs, lowers the cost of trade, and sets new and high standards for global trade while addressing next-generation issues.
The deal was envisioned to promote economic growth, create jobs, raise living standards, reduce poverty, promote good governance and enhance labor and environmental protections.
The 12 TPP members—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam—have a combined population of 800 million.
These countries are projected to account for 40 percent of the world’s gross domestic product and 30 percent of world trade.