PRESIDENT Rodrigo Duterte has applauded US President Donald Trump’s decision not to proceed with the Transpacific Partnership Agreement (TPP), the signature trade initiative of outgoing US President Barack Obama, a trade agreement the Filipino leader cited as something that would not be good for the country.
Before leaving for Cambodia and Singapore on Tuesday, Duterte, who will be taking over the rotating chairmanship of the Association of Southeast Asian Nations (Asean) next year, said the TPP would create more harm in the region.
“It’s good that Obama didn’t continue that policy because it’s very wrong … I’m glad that Trump said he will throw (the TPP) to the garbage can…because it will create more problems for us here in Asia,” Duterte said.
The TPP is a trade agreement eyed for 12 countries in the Pacific—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam.
The Trade Department earlier said the country’s bid to join the TPP would hamper constitutional provisions not in line with the TPP’s thrust, particularly the restrictions on foreign ownership.
Instead, the country joined the China-led Belt and Road initiative, whose charter awaits the signature of the President after hurdling Congress and Senate concurrence.
Trump, in a video message outlining his priorities for his first 100 days, previously said he intended to withdraw from the TPP and negotiate “fair, bilateral trade deals that brings jobs and industry back onto American shores.”
During last year’s Asia-Pacific Economic Cooperation summit in Manila, Duterte’s predecessor Benigno Aquino III said he “conveyed the keen interest of the Philippines in the TPP” during his bilateral meeting with Obama.