Leaders of 12 Asia-Pacific countries met in Manila Wednesday night to welcome the Trans-Pacific Partnership agreement, which will create the world’s largest free trade bloc.
US President Barack Obama met with heads of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam at the sidelines of Asia-Pacific Economic Cooperation Leaders Summit to push for the ratification of TPP by individual members.
Other Apec members, including the Philippines, Indonesia, Thailand, China and Russia, are not yet members of TPP.
TPP is a landmark agreement that eliminates or reduces tariffs, lowers the cost of trade and sets new and high standards for global trade, while addressing next-generation issues. Each member country should ratify the agreement in order to become binding.
“We congratulate our ministers and negotiating teams, after more than five years of negotiations, on delivering a result that achieves the goal set out in 2011 of a comprehensive, balanced and transformational regional agreement–one that spans the Pacific, touches three continents and unites 800 million people,” the 12 TPP economies said in a statement.
These countries believe that the regional trade group will set high-standard trade rules that will support 21st-century commerce, provide ambitious liberalization of trade and investment, strengthen and broaden the mutually-beneficial linkages between economies and enhance regional and global competitiveness.
TPP also aims to support the creation of jobs and new opportunities for young people, promote economic growth and development, support innovation to alleviate poverty and ensure the greatest benefits for all people.
The group said it was also pleased that the negotiated text of the TPP agreement is now available in full for review and consideration before it is signed.
The 12 economies said they were looking forward to the expeditious consideration and approval of the TPP, consistent with each of the country’s domestic processes.
Members of the TPP said they were eager to implement the agreement so that “our consumers, workers, farmers, and businesses both large and small can begin to realize its shared benefits as swiftly as possible and the better future that the TPP represents.”
“While our focus is on approval and implementation of the results of negotiations with our current partners, we have also seen interest from a number of economies throughout the region,” they said.
The Philippine Trade Department said it viewed TPP as a significant component of the Philippine international trade strategy and indicated its intention to join the regional trade group.
The Philippines previously conducted technical discussions with Malaysia, the US, New Zealand, Australia, Mexico and Canada and recently signed comprehensive bilateral agreement with Australia and gained Canada’s support to help the Philippines accede to TPP during bilateral meetings at the Apec Summit.
The US also pledged to support the Philippines’ bid for TPP membership.
The ongoing bilateral meetings at Apec 2015 may boost the Philippine’s chance to join the second batch of TPP aspirants. To become part of the TPP, the Philippines will need an endorsement from the 12 parties of the trade agreement.
The Philippines is aware of the possible high-level commitments that the deal will require, and the country’s constitutional limits to foreign investments, and practice of profession, among others, which may not fit with the requirements of TPP membership.
