US urges Phl to hold TPP consultations

The Philippine government has been advised by the US to consult with other members of the Trans- Pacific Partnership (TPP) agreement as the country is interested to join the trade deal.

Trade Secretary Gregory Domingo said he met with US Trade Representative Michael Froman earlier this month and reiterated the country’s interest to be part of the TPP.

“He said we should consult with other members ( of the TPP). We have already consulted many,” he said, noting exchanges have been conducted with more than half of the 12 members.

The TPP, currently being negotiated by the US, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, seeks to set high standards for a trade bloc which would represent more than half of global output and over 40 percent of world trade.

The Philippines is interested to join the trade deal as it is seen to provide benefits to the economy.

Two of the Philippines’ major trading partners, the US and Japan, are part of the TPP.

To become part of the TPP, the Philippines will need an endorsement from the 12 negotiating parties of the trade agreement, if and when a new round of membership opens.

Last week, US President Barack Obama signed into law the fast- track measure, which gives him the power to press on the TPP.

The measure is seen to accelerate negotiations for the TPP to be concluded soon, as it gives the US President authority to enter into the trade agreement and set procedures to expedite Congress’ action on legislation needed to implement the deal.

The government welcomes this development because the country remains interested in becoming part of the TPP, Domingo said.

“That’s a good development because it paves the way for the TPP to be completed by the current members. And once completed, it paves the way for us to be considered for entry in TPP,” he said.