MANILA, Philippines – The Philippines is still interested in joining the Trans-Pacific Partnership (TPP) to lower or eliminate trade restrictions.
“We remain in close consultation with the US on how the Philippines can accede to (TPP) at the soonest possible time,” Foreign Affairs Secretary Albert del Rosario said.
US Secretary of State John Kerry welcomed the Philippines’ interest in joining, saying both countries are expanding their work on sustainable development through the Partnership for Growth.
The Philippines has been selected for a second compact under the US Millennium Challenge Corp., which means more funding for critical projects to reduce poverty and promote economic growth. The first compact ends in May.
Earlier, Philippine Ambassador to the US Jose Cuisia Jr. reiterated the country’s interest in joining the TPP, saying it is indicative of its commitment to ongoing trade and investment reform and liberalization in line with President Aquino’s reform efforts.
The TPP seeks to lower or eliminate trade barriers, establish a common framework for intellectual property, enforce standards for labor and environmental laws, and establish an investor-state dispute settlement mechanism.
The Philippines has not been invited to join due, among others, to restrictive economic policies in the Constitution.
President Barack Obama, in his final State of the Union address, had urged the US Congress to ratify the TPP, saying it would show that the US rather than China called the shots in the region.