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Member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have acknowledged the Philippine’s application to join the free trade agreement
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The PH’s accession process has been scheduled to start by 2026, the group announced in a joint statement on November 21 following a ministerial meeting in Melbourne, Australia
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Membership talks will also start for Uruguay, Indonesia, and the United Arab Emirates
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The beginning of the accession process is a starting point and “not a guarantee of membership”
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Inaugural Trade and Investment Dialogues were also held between the CPTPP and the Association of Southeast Asian Nations and the the European Union
Member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, (CPTPP) have acknowledged the Philippine’s application to join the free trade agreement and its accession process has been scheduled to start by 2026.
In a joint statement released on November 21 following a ministerial meeting in Melbourne, Australia, the 12 CPTPP members said they are launching membership talks next year with the Philippines, Indonesia, and the United Arab Emirates.
Ongoing talks with Costa Rica are targeted for conclusion by December this year, while talks with Uruguay will commence immediately.
“We have decided to commence an accession process with Uruguay and will commence with the others in 2026, if appropriate. This reflects the strong interest in joining this high-standard agreement and our ambition to grow the CPTPP membership,” Don Farrell, Minister for Trade and Tourism of Australia, the current CPTPP chair, said in a media release.
The CPTPP noted that the beginning of the accession process is a starting point and “not a guarantee of membership.”
“We reiterate our commitment to maintaining the high standards of the Agreement through accessions, and to move forward in a way that reflects all our interests,” the signatories said.
READ: PH formally applies to join Trans-Pacific free trade agreement
Applicant nations go through a negotiation process covering standards on various aspects such as tariff elimination and trade-related laws. An applicant needs the unanimous consent of all member nations.
Meanwhile, inaugural Trade and Investment Dialogues between the CPTPP and the Association of Southeast Asian Nations (ASEAN) and the CPTPP and the European Union (EU) were also held on the sidelines of the two-day ministers meeting.
The discussions with ASEAN and EU highlighted shared commitment to upholding fair and open trade, and fostering a predictable global trade environment.
“In an uncertain global trading environment, the CPTPP provides stability, predictability, and high-standard trade rules that benefit businesses and communities across our region and beyond,” Farrel said.
The CPTPP is one of the world’s most extensive free trade agreements, with a network of 12 economies, 590 million people and nearly 15% of the value of global goods and services.
“The CPTPP economies collectively play a major role in global trade,” said Matt Thistlethwaite, Australian assistant minister for Foreign Affairs and Trade.
