The United Kingdom is seeking to deepen trade and investment ties with the Philippines without waiting for Manila’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), signaling a parallel approach to bilateral and regional economic integration.
UK Minister of State for Trade Anas Sarwar said the two countries could address market-access barriers, strengthen investment flows and expand commercial opportunities immediately, even as the UK supports further CPTPP expansion.
“We don’t need to wait,” Sarwar said following the second Philippines-UK Joint Economic and Trade Committee meeting in Manila on Sept. 22. He said both governments could remove barriers and improve investment conditions while continuing to pursue broader regional integration.
The UK also expressed interest in renegotiating its double taxation agreement with the Philippines. Trade Undersecretary Allan Gepty said changes could help make the Philippine market more attractive to British investors by reducing tax-related frictions.
For Manila, CPTPP accession remains a strategic priority. Gepty said the Philippines was seeking British support for its application while also working to increase use of the UK’s Developing Countries Trading Scheme (DCTS).
The scheme provides preferential access for about 90 percent of Philippine exports to the UK by value. Yet utilization stands at 68 percent, indicating that available preferences are not being fully captured by exporters.
Gepty cited limited awareness and difficulties in complying with rules-of-origin requirements as key constraints, particularly for micro, small and medium enterprises.
The discussions therefore point to two tracks: pursuing longer-term integration through the CPTPP while extracting more immediate gains from existing bilateral arrangements. For Philippine exporters and investors, improving awareness, compliance and market access could determine how quickly those opportunities translate into stronger trade flows.
