The United States government has extended aid to the Philippines to allow it to eventually accede to the multilateral Trans-Pacific Partnership (TPP) Agreement.
During President Aquino’s official visit to the United States last week, Trade Secretary Gregory Domingo was briefed by a US group headed by US Trade Representative Ron Kirk on commitments that had to be met under the TPP.
“There were no formal talks. It was just a briefing on the details of the agreement, so we’ll know more about it. We requested assistance from the US because we wanted to know more about the TPP, how we can meet the standards (so we can accede). The US government graciously accepted,’’ he told reporters Friday on the sidelines of the Mid-Year Economic Briefing.
The TPP is seen to be the country’s only chance to have a trade agreement with the United States, one of its largest bilateral trading partners, as the US is now more inclined to get into multilateral trade agreements instead of bilateral ones.
The original negotiations for the TPP started with only three countries—Chile, New Zealand, and Singapore—in 2005. Brunei Darussalam eventually joined the talks and became part of the agreement.
Five additional countries, including Australia, Malaysia, Peru, Vietnam, and the US were now under negotiations to join the group.
In an earlier interview, Domingo said it was unlikely for the Philippines to be able to accede to the TPP within the next two to three years, as there were still a lot of reforms that had to be implemented for the country to be able to meet the stringent requirements of the trade pact.
Also, TPP participants had chosen to devote this entire year to fixing everything that needed to be fixed within the current group, in effect closing doors to the entry of any new members.
The Philippines expressed its interest to accede to the TPP in mid-2010, when President Aquino assumed the presidency.
Japan also made known its intent to join late last year at the Asia Pacific Economic Cooperation Summit in Yokohama.
Also during President Aquino’s recent US trip, Domingo and Kirk discussed other bilateral, regional, and multilateral trade issues, as well as held a meeting on the Trade and Investment Framework Agreement (Tifa).
“The meeting between Ambassador Kirk and Secretary Domingo opened a three-day program of discussions under the US-Philippine Tifa, which will cover all aspects of the trade relationship. In addition to key outstanding bilateral issues, including agriculture, intellectual property, customs, and trade and labor, Ambassador Kirk emphasized the importance of expanding cooperation on Apec issues prior to the Leaders’ Summit in November,’’ a statement on the USTR’s official website read.
Domingo and Kirk also discussed the Partnership for Growth initiative, which was designed to support economic reform in the country, particularly in areas that would improve the country’s bid to accede to the TPP.