RP eyes participation in free trade deal

SEEKING TO further open its doors to more international trade, the Philippines has expressed interest in joining the Trans-Pacific Partnership (TPP), a multilateral free trade deal that involves several economies, including the country’s biggest trading partner, the United States.

In a speech before members of the Philippine Chamber of Commerce and Industry Wednesday evening, Trade Secretary Gregory Domingo said it was now common practice among economies to participate in multilateral trade pacts.

“You have to be part of every trade agreement because to be excluded is a disadvantage for you. We’re not yet part of [the TPP], but at some point, I think it is our desire to join as well,” he said.

Apart from the United States, current participants in the TPP include Australia, Brunei Darussalam, Chile, New Zealand, Peru, Singapore and Vietnam.

The previous administration was not keen on participating in this particular pact.

The TPP agreement was signed in 2005 and had only three countries as members: Chile, New Zealand and Singapore. The US joined the group in 2008.

The aim of the free trade agreement is to bring all tariffs down to zero by 2015. The coverage of the deal spans trade in goods and services, rules of origin, trade remedies, sanitary and phytosanitary measures, technical barriers, intellectual property, government procurement and competition policy.

“We will be very vigilant in joining various trade agreements. We’ll try to join as many trade agreements as possible, but still keeping in mind that our interest is really to protect the interest of Philippine businesses and Philippine consumers,” Domingo said.

The country is a participant to various bilateral and multilateral free trade agreements, including the Asean Trade in Goods Agreement, Asean-Australia-New Zealand Free Trade Agreement, and the Japan Philippines Economic Partnership Agreement. –Abigail L. Ho, Philippine Daily Inquirer