A private sector-led push to review the nearly two-decade-old Japan-Philippines Economic Partnership Agreement (JPEPA) is gaining momentum, as business leaders argue that evolving regional dynamics demand a refreshed approach to Philippine-Japan trade ties.
Speaking at the 42nd Annual Joint Meeting of the Economic Cooperation Committees of the Philippines in Taguig City, Richard Albert I. Osmond, special adviser to the board and former chairman of the Philippine-Japan Economic Cooperation Committee, said the 18-year-old accord warrants a constructive reassessment.
Rather than dismantling the agreement’s core framework, Osmond stressed the need to refine its general rules to better reflect current trade realities. Revisiting provisions on market access, rules of origin, and sectoral cooperation could unlock wider gains for exporters, importers, and investors on both sides.
“The objective is not to overhaul but to strengthen what already works,” he said, pointing to the continued importance of Japan as a top trade and investment partner of the Philippines.
Osmond added that periodic reviews signal to the private sector that governments remain responsive to shifting business conditions, supply chain disruptions, and competitive pressures across Asia.
He also framed the JPEPA review within Manila’s broader trade ambitions, including a potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Far from being rival tracks, he argued, bilateral and regional agreements can reinforce each other.
A strengthened JPEPA, paired with deeper regional integration, would promote clearer rules, a more level playing field, and tighter integration into regional value chains—delivering long-term benefits to businesses and consumers in both economies.
For industry leaders, the message is clear: modernize the foundation, and regional opportunities will follow.
