Senator Recto proposed a free trade agreement between Phils and UK

Finance Secretary Ralph G. Recto has proposed exploring the potential for the Philippines to establish a free trade agreement with the United Kingdom (UK). This suggestion came during Recto’s recent meeting with UK Prime Minister’s Trade Envoy to the Philippines Richard Graham and UK Ambassador to the Philippines Laure Beaufils, according to the Department of Finance (DOF).

Recto discussed the possibility of a free trade agreement with the UK, including the option of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as mentioned by the DOF in a Facebook post.

The CPTPP is a significant free trade agreement involving 11 other countries in the Indo-Pacific region, including Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Together, these nations represent a substantial portion of global GDP, making the CPTPP one of the largest free-trade areas in the world.

Although the UK’s primary trade and investment ties in Southeast Asia currently focus on Singapore and Malaysia, there is potential for increased economic cooperation between the Philippines and the UK. Trade in goods and services between Manila and London amounted to £3.0 billion in the four quarters leading up to September last year, reflecting a 19 percent increase compared to the same period in 2022.

Politics News: Senator Recto proposed a free trade agreement between Phils and UK