MANILA — The Philippine Chamber of Commerce and Industry (PCCI) said it supports the Philippine government’s formal application to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
In a statement, the PCCI said aligning with the trading block “is not merely an opportunity but a strategic necessity,” as Philippine trade partners grow more cautious towards imports to strengthen their own domestic industries.
By joining the partnership, the Philippines gains access to businesses in Canada, Mexico, Peru, and the United Kingdom–critical markets it does not currently have access to.
Aside from the four countries, Australia, Brunei Darussalam, Chile, Japan, Malaysia, New Zealand, Singapore, and Vietnam are also part of the trade deal. Together, their gross domestic product amounts to $13.5 trillion.
“This strategic move is critical for securing the nation’s economic future at a time of increasing global trade fragmentation and protective measures from traditional partners,” the PCCI said.
The PCCI said this will benefit both large companies and micro, small, and medium enterprises by granting them reduced tariffs, morepredictability in trade rules, and better investment prospects.
“It will empower our businesses to expand their reach, integrate into regional value chains, and strengthen their competitiveness on a global scale,” the PCCI said.
“It will attract high-quality investments in the country, create jobs, and provide our businesses with the platform they need to thrive in an increasingly competitive and protectionist global environment,” the group added.
