MANILA, Philippines — The Philippines will submit its formal application to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) within the first half of 2025. This provides a one-and-a-half-month window to finalize its bid to join one of the world’s largest free trade networks.
The Department of Trade and Industry (DTI) said on Friday that the schedule was shared with Chilean officials. This happened in a meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju on May 15.
“The Philippines is taking decisive steps to join the CPTPP as part of the country’s broader trade and investment agenda to widen its (free trade) network and open new markets for Philippine goods and services,” the DTI said.
“The strategy aligns with the Philippines’ broader push to enhance its global economic integration.”
The CPTPP is based on the Trans-Pacific Partnership. The TPP is a deal that had been originally championed by the United States under former President Barack Obama. However, the first Trump administration abandoned this in 2017.
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After America’s withdrawal from the TPP, the remaining 11 countries came together to form the CPTPP. These include Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The CPTPP pact was signed in March 2018 and came into effect in December 2018.
During the Aquino administration, the Philippines expressed interest in joining the TPP. It said in 2016 that the country could benefit from the free trade pact.
A 2016 research paper from the state-owned think tank Philippine Institute for Development Studies highlighted the potential benefits for the Philippines. These include improved governance, stronger competition and better trade opportunities with enhanced market access.