British Chamber backs Philippines' bid to join Pacific trade pact

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The British Chamber of Commerce Philippines (BCCP) welcomes the preparatory discussions among countries, including the Philippines, Indonesia and the United Arab Emirates (UAE) on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Escalating tensions and uncertainties in the Middle East may continue to impact the economies worldwide and diversifying the Philippines’ trading areas remains significant. 

The trading bloc comprises 12 member countries with three Southeast Asian member states, including the UK, and overall makes up 15% of the world’s GDP.

The British Chamber also welcomed the UK’s support with the UK Deputy Trade Commissioner for Asia Pacific (Southeast Asia) Rhiannon Harries noting that, “These preparatory discussions could help lay the groundwork for the launch of a potential future accession process for the Philippines, which could open new opportunities for business, investment, and growth.”

As a member, BCCP Executive Vice Chairman Chris Nelson is optimistic that high-value sectors such as the services and the agricultural industries may further boost should the Philippines officially accede to the Trans-Pacific bloc.

He noted that, “The Philippines has clearly been leading in services; business outsourcing obviously is a key strength, and I think that will definitely get a push. If I refer specifically to the area I mentioned, which is our work in terms of helping food supply and food security, I think that would also be another boost for that and make the market competitive, particularly in agriculture. But in that context, let me be clear: I think that inflation is also a big factor and the Philippines needs supply. So I think overall the Philippines will benefit and investment will come in.”

The Philippines grew at 2.8% in the first quarter of 2026, with key major economic sectors, including the services, which also grew at 4.5% in the same period. Meanwhile, inflation continues to see a decline at 6.4% in June 2026, with food inflation also experiencing a decline at 5.4% percent in June 2026. 

Both sectors are also key to the UK-Philippines bilateral trade, with Nelson noting that, “I think this is a very important factor which I just want to stress—when we work with companies in the UK, we stress to them that the Philippines is a very important market in its own right. However, it also is an access point to Southeast Asia. If the Philippines is successful in joining CPTPP, and we sincerely hope it will be, then that gives those companies even more access.”

Nelson also emphasized that initiatives, particularly on addressing red tape and working with the Anti-Red Tape Authority (ARTA) alongside widening market access would also assist in advancing the country’s economic growth and competitiveness.

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