Philippines to monitor progress of US fast-track bill
MANILA, Philippines – The Philippines will continue to watch developments on the US fast-track bill, a measure seen to accelerate negotiations for the Trans-Pacific Partnership (TPP) agreement, as the country remains interested in becoming part of the trade deal.
“We are closely monitoring the development of the US Congress in terms of the TPA (Trade Promotion Authority) to be given to President Barack Obama. That is a critical element of resolution of contentious issues in the TPP,” Trade Assistant Secretary Ceferino Rodolfo told reporters.
Last week, the US House Ways and Means Committee and Senate Finance Committee approved the grant of TPA, making the fast-track bill ready for action in both chambers.
With a TPA, the President is allowed to enter into trade agreements as well as set procedures to expedite Congress’ action on legislation needed to implement the deals.
The grant of TPA to Obama is seen crucial to accelerate negotiations for the TPP as other parties to the deal want the assurance the agreement would be passed by the US Congress without changes beforehand.
The TPA authorization has been granted in the past, with the most recent enacted in 2002.
The TPP seeks to set high standards for the creation of a trade bloc representing more than half of global output and over 40 percent of world trade.
Aside from the US, other countries part of the negotiations of the TPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
While the TPP is still being negotiated, Rodolfo said the Philippines would be interested in becoming part of the deal when it opens to new members.
“Even as the TPP is now closed to new members, the Philippines would like to be in the position to make a decision as soon as the text of the agreement is available and negotiations are concluded,” he said.
As part of the country’s study to see the benefits of joining the TPP, the government is conducting consultations with members of the TPP.
The Philippines has so far conducted consultations with the US, Malaysia, Australia and New Zealand.
Next on the list are technical consultations with Canada and Mexico.
Apart from discussions with other TPP members, the Philippine government is also conducting consultations with local representatives of various sectors.
Source: http://www.philstar.com/
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