The Philippines seeks to expand and strengthen its trade relations with the United Kingdom (UK) through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) amid ongoing discussions between the two countries on economic cooperation. The UK acceded to the treaty in December 2024.
“The Philippines is clear as to where it is heading to…We are headed to expand our trade network, and one of them is that we are now officially considering applying to join CPTPP,” Undersecretary Atty. Allan Gepty of the Department of Trade and Industry (DTI) said.
During the British Chamber of Commerce Philippines’ (BCCP) event “Forecasting 2025: UK-PH Economic Perspectives,” DTI Secretary Ma. Cristina Roque also said preliminary discussions in the recently launched UK-Philippines Joint Economic and Trade Committee (JETCO) focus on export development, investment facilitation, and digitalization.
The BCCP expressed optimism that the ongoing JETCO discussions will further strengthen the countries’ bilateral trade as well as position the Philippines as a prime investment destination in the region.
Noting that UK is the 2nd largest economy in the CPTPP trade group, Undersecretary Gepty said, “The JETCO would be a very important element of the PH-UK economic relations. Currently, we do not have a free trade agreement with the UK, so JETCO will serve as a platform for us to tackle and address issues relating to trade and investments,” including the digital economy, innovation, and support for MSMEs.
At the same time, His Majesty’s Ambassador to the Republic of the Philippines and the Republic of Palau, Laure Beaufils, said she is confident the economic partnership will continue to grow, particularly in agriculture, energy, and infrastructure.
“In the space of trade and investment, there is no doubt that 2025 will bring opportunities… UK-Philippines trade reached £2.9 billion this year. It’s a nearly 15% increase from 2022, signaling a very strong recovery from the pandemic and bringing us back to pre-pandemic levels,” the ambassador said.
The CPTPP member are countries Japan, United Kingdom, Canada, Australia, Mexico, Malaysia, Vietnam, Singapore, Chile, Peru, New Zealand, and Brunei. Veronica Uy
