Palace: US to help PHL join regional trade pact TPP

The United States has committed to help the Philippines join the Trans-Pacific Partnership (TPP), Malacañang said Tuesday.

A note by Presidential Communications Operations Office head Herminio Coloma Jr. said President Benigno Aquino III signified the country's interest to join the TPP during his bilateral meeting with US President Barack Obama.

"President Obama said the US is prepared to extend technical assistance to the Philippines as it prepares for possible membership in the TPP," he said.

The TPP is a trade agreement among Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam, and the United States.

Quoting the Department of Trade and Industry, Coloma said joining the TPP would improve the country's competitive position to become a regional hub for growth, investment, and exports to the US and key Asian markets.

According to the White House, the TPP is "the pathway to promoting high-standard, ambitious and comprehensive Asia-Pacific economic integration and to encourage economic reform and development, increase regional and global competitiveness, and create jobs."

Aside from this, Obama also announced that US Commerce Secretary Penny Pritzker will head a US business delegation to the Philippines in June to promote expanded trade and investment between the two countries. — Kimberly Jane Tan/BM, GMA News