The British Chamber acknowledged UK’s formal accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) a significant step toward further economic growth and regional integration, being the first European country to join the Indo-Pacific trading bloc. BCCP Executive Director/Trustee Chris Nelson also looks forward to the Philippines’ interest in joining the trade agreement.
CPTPP members include the UK, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The agreement could potentially contribute up to £2 billion a year in the UK’s economy and benefit from lowered tariffs and reduced barriers to trade.
During the recent visit of the United Kingdom (UK) Prime Minister’s Trade Envoy to the Philippines Richard Graham in February 2024, the Department of Finance Secretary Ralph Recto expressed interest in further deepening bilateral trade between the UK and the Philippines through CPTPP. Furthermore, the Department of Trade and Industry Undersecretary for International Trade Group Allan Gepty noted its target to apply within the year and stated that, “Once we become part of the CPTPP, our value add here would be, of course, Chile, Mexico, Peru, and Canada. Now that UK (United Kingdom) is there, we have more reasons to join (the trade pact)…”
Meanwhile, Indonesia has also expressed interest in joining the CPTPP, with Nelson reiterating the need to further liberalize the Philippine economy to boost competitiveness in the region.
“We, at the British Chamber, welcome the Philippines’ interest in joining the CPTPP. Major economies in the region have joined, like Singapore and Vietnam…In that context, you are competing with other countries and therefore, we have to be on the same level in driving ways forward in terms of opening up the economy and making the Philippines an investment destination in Southeast Asia.”
The British Chamber also welcomed the recent developments in terms of the passage of its key priority legislation such as the Anti-Agricultural Economic Sabotage Act and the Anti-Financial Account Scamming Act (AFASA) in supporting the local agricultural sector and establishing a stronger cybersecurity posture in the financial industry. As part of its objective in 2025, it recognized the need to pass the Cybersecurity Act, E-Governance Act, and the Konektadong Pinoy Act to leverage the current initiatives of the government in improving its digital infrastructure, cybersecurity, and ease of doing business.
