DTI chief urges Senate to ratify RCEP trade accord to lift exports READ MORE:
“The signing and entry-into-force of RCEP reflects the ASEAN region’s unwavering commitment to a rules- based trading system that maintains an open, stable, free and fair-trading environment. RCEP is expected to further promote economic efficiency of member states, strengthening linkages in sectors such as manufacturing, technology, agriculture, and natural resources.
RCEP is not only a policy tool for trade liberalization and market access, he said, as it provides a framework of rules and disciplines to ensure regulatory consistency, creating a conducive business environment that is key to ensuring the confidence of the business and spurring further economic growth.
The DTI said other countries in the region enjoy preferential treatment arising from enhanced market access, wider sourcing of raw materials and a strengthened and transparent trading system. It said the linkages of the Philippines to the global value chain might deteriorate as investors and businesses would look to other countries for better economic environment and opportunities.
Trade assistant secretary Allan Gepty said the county’s exports stand to gain better if the Philippines becomes a member of RCEP. He said papaya exports would be more competitive, because the tariff would go down from the present 24 percent.
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