A group of businessmen still want the Philippines to join the Comprehensive and Progressive Agreement on Trans-Pacific Partnership despite the bloc’s reduced economic size from 40 percent of global economy to 14 percent after the United States left the group.
CPTPP, previously known as the Trans-Pacific Partnership, is a fee trade bloc comprised of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
“These may help us gain preferential access from economies we do not have like Chile, Mexico and Peru,” Apec Business Advisory Council member Guillermo Luz said.
Economic experts said Philippine goods could face stiff competition from Malaysia and Vietnam, which also export similar products to CPTPP economies such as Australia and Canada.
Abac Philippines also called on the government to reach out to Pacific Alliance, which is composed of Chile, Colombia, Mexico, and Peru.