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The Philippine Chamber of Commerce and Industry is endorsing the Philippine government’s formal application to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
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The PCCI sees the strategic move as critical to securing the country’s economy at a time of increasing global trade fragmentation
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The accession is not just an opportunity but a necessity, said the chamber
The Philippine Chamber of Commerce and Industry (PCCI) is endorsing the Philippine government’s formal application to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The PCCI sees the strategic move as critical to diversifying the country’s export markets and securing the local economy at a time of increasing global trade fragmentation and protective measures from traditional partners.
The accession is not just an opportunity but a necessity, said the chamber in a press release last week.
“We urge the government to pursue this accession with urgency and look forward to supporting the process,” the PCCI said.
With its key trading partners becoming more cautious towards imports to reinforce their own domestic industries, the Philippines must proactively diversify its export markets and reduce its vulnerability.
The PCCI said the CPTPP provides “a powerful avenue” to achieve this.
The CPTPP comprises 12 member economies, namely Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United Kingdom.
The 12 represent a combined population of over 500 million and a GDP of $13.5 trillion.
By joining, the Philippines will gain preferential access to critical markets where it currently lacks bilateral trade agreements, notably Canada, Mexico, Peru, and the United Kingdom.
For Philippine businesses – from large corporations to micro, small, and medium enterprises – this translates into reduced tariffs, greater predictability in trade rules, and enhanced investment prospects.
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“It will empower our businesses to expand their reach, integrate into regional value chains, and strengthen their competitiveness on a global scale,” said PCCI.
The initiative aligns with the goals of the Philippine Development Plan 2023–2028. It builds upon the country’s existing economic commitments, such as the Regional Comprehensive Economic Partnership and its agreements with Japan, South Korea, and the European Free Trade Association, creating a cohesive and robust network of trade alliances.
The PCCI believes that CPTPP membership is a decisive step towards future-proofing the Philippine economy by attracting high-quality investments, creating jobs, and providing local businesses with the platform they need to thrive in an increasingly competitive and protectionist global environment.
