The UK has formally acceded to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) last 15 December, forecasted to generate £2 billion annual growth in the UK’s economy. With the trading bloc having an overall GDP of £12 trillion, the British Chamber also looks forward to the Philippines’ interest in joining to assist in further economic growth.

BCCP Executive Director/Trustee Chris Nelson in a recent media briefing identified key priorities including further liberalization of the economy in support of measures and other potential trade agreements with the UK, particularly, the CPTPP.

“Joining CPTPP is a significant step for the UK and we are glad to hear interest from the Philippine government in being part of the trade bloc. Previously, when we discussed the signing of RCEP and the work we have done to support that, along with other business groups, we reiterated that this will boost opportunities in the country and gain a competitive advantage in the region.”

On a similar note, the Department of Trade and Industry Undersecretary for International Trade Group Allan Gepty also acknowledged the importance of the UK being a member of the CPTPP, encouraging the Philippines to also join and has targeted to apply within the year. Usec. Gepty further noted that, “Once we become part of the CPTPP, our value add here would be, of course, Chile, Mexico, Peru, and Canada. Now that the UK (United Kingdom) is there, we have more reasons to join (the trade pact)…”

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