Obama vows to assist PH join TPP

The United States (US) has promised to assist the Philippines in the possibility of joining the Trans-Pacific Partnership (TPP) that seeks to boost economies and lower barriers to trade and investment.

US President Barack Obama has welcomed the interest of the Philippines to participate in the “open and inclusive” trade deal among 12 Pacific rim economies and directed his trade ministers to help Manila in the process.

Strengthening trade and investment relations was discussed by Obama and President Aquino apart from boosting cooperation on defense and security during a bilateral meeting on Wednesday.

“We also had a chance to discuss the Trans-Pacific Partnership, which is a pillar of America’s rebalance in the region. We welcome the Philippines’ interest in TPP and we have directed our Trade Ministers to have discussions about how TPP is going to be implemented among the original 12 countries and how we can work with the Philippines to follow through on their interest,” Obama said in a joint press conference with Aquino.

“TPP is designed to be an open and inclusive trade pact for countries that can meet its high standards,” the US leader added.

Last October, the United States reached an accord with 11 other countries to lower trade barriers to goods and services and set common standards in trade. The trade deal, which covers about 40 percent of the world economy, is one of Obama’s priorities in the final years of his presidency.

The signatories of the TPP are Brunei, Chile, Singapore, New Zealand, United States, Australia, Peru, Vietnam, Malaysia, Mexico, Canada, and Japan.

In his meeting with Obama, President Aquino conveyed the country’s “keen interest” in the TPP. “We hope that the United States, as one of our most important economic partners, can assist us in the process,” Aquino added.

Aquino also proudly announced that the Philippines has been deemed eligible for a second grant from the US aid agency Millennium Challenge Corporation. He noted that the 1st Millennium Challenge Corporation (MCC) Compact is nearing already completion.

“The Philippine and US governments are working closely in the development of projects to be implemented under the 2nd Compact,” he said.