The Philippines is among the economies that have secured support from the members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as it seeks to join the multinational trade bloc, a high-ranking Australian official said Wednesday.
“I was very pleased to chair the final meeting of that group where our member nations agreed on three new participants for the CPTPP session and one of those was the Philippines,” visiting Assistant Minister for Foreign Affairs and Trade, and Immigration, Matt Thistlethwaite said in a press conference in Pasay City.
“That’s a high quality trade agreement that sets high standards and the Philippines is on a path to achieving that, and that’s something that Australia welcomes,” he said.
The CPTPP is a free trade agreement among 12 nations, namely Australia, Canada, Japan, Mexico, New Zealand, Singapore, Vietnam, Peru, Malaysia, Chile, Brunei and the United Kingdom.
The bloc represents 590 million people and accounts for nearly 15 percent of the global economy.
Its membership is open to other states so long as they are able to meet the three Auckland Principles — gain consensus support from CPTPP members, meet the agreement’s standards, and demonstrate a record of complying with international trade commitments.
At the conclusion of Australia’s 2025 chairship of CPTPP in Melbourne last November, Thistlethwaite said member nations identified that the Philippines along with the United Arab Emirates, Indonesia, and Uruguay are “in line” with the said principles.
On the bilateral sphere, Thistlethwaite said Canberra and Manila share mutual interest in supporting free and open fair trade within the region, and that Australia is keen to expand its economic ties with the country.
“The volume of trade between Australia and the Philippines has been growing in recent times and it’s approaching USD12 billion, and it’s traditionally around the resources sector, education, and other areas. And we’d like to expand into other industries such as renewable energy,” he said.
Beyond trade, the official said Australia places high importance on its partnership with the Philippines, considering it a “key ally and partner” in promoting security and stability in the region. (PNA)
