Philstar.com
December 19, 2024 | 7:11pm
The UK has formally acceded to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) last 15 December, forecasted to generate £2 billion annual growth in the UK’s economy. With the trading bloc having an overall GDP of £12 trillion, the British Chamber also looks forward to the Philippines’ interest in joining to assist in further economic growth.
BCCP Executive Director/Trustee Chris Nelson in a recent media briefing identified key priorities including further liberalization of the economy in support of measures and other potential trade agreements with the UK, particularly, the CPTPP.
“Joining CPTPP is a significant step for the UK and we are glad to hear interest from the Philippine government in being part of the trade bloc. Previously, when we discussed the signing of RCEP and the work we have done to support that, along with other business groups, we reiterated that this will boost opportunities in the country and gain a competitive advantage in the region.”
On a similar note, the Department of Trade and Industry Undersecretary for International Trade Group Allan Gepty also acknowledged the importance of the UK being a member of the CPTPP, encouraging the Philippines to also join and has targeted to apply within the year. Usec. Gepty further noted that, “Once we become part of the CPTPP, our value add here would be, of course, Chile, Mexico, Peru, and Canada. Now that the UK (United Kingdom) is there, we have more reasons to join (the trade pact)…”
In February 2024, the UK Prime Minister’s Trade Envoy to the Philippines Richard Graham met with the Department of Finance Secretary Ralph Recto and identified potential partnership opportunities that the two countries can explore, including through the CPTPP.
Other countries in the Southeast Asian region including Indonesia also expressed interest in joining the CPTPP, with Nelson citing the need for the Philippines to keep up with other countries in the region in terms of further opening up its economy.
Nelson added that, “The interest [between the UK and the Philippine trade] this year has been, I would say based on my 10-year experience, as high as it’s been in the past. The Philippines has opportunities, but it has to articulate those… You’re competing against other countries. You have great strengths, but you’ve got to keep on pushing those strengths forward.”
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