Hanoi (VNA) - The Philippines has formallyexpressed interest in joining the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), with the goal of building new relationshipswith countries outside its existing bilateral free trade agreements.
Ramon Lopez, secretary of trade and industry, sent asigned letter of intent to New Zealand, the depositary nation of the CPTPP,Nikkei Asia reported.
The newspaper said Lopez asked about the process ofjoining the CPTPP as well as how it operates.
It quoted Ceferino Rodolfo, an undersecretary assaying that it would be critical for the Philippines to engage the CPTPPmembers that are currently not part or not a partner of the Philippines in FTA,which are Canada, Mexico, Peru and Chile.
Nikkei Asia said diversified trade ties could allowthe Philippines to be less dependent on China amid simmering tensions caused byterritorial disputes. China is among the country's top export markets and isits largest trading partner overall.
The original 12 countries participating in CPTPPtalks, including the US, held a summit in Manila in 2015. Then PhilippinePresident Benigno Aquino had expressed an intention to join the TPP, but the countrynever did.
The UK has formally applied to join the CPTPP. Othernations, such as China and Thailand, have also expressed interest./.