The Regional Comprehensive Economic Partnership (RCEP) is not just a “simple” trade agreement, Trade Secretary Alfredo E. Pascual told senators on Tuesday. Know more:
THE Regional Comprehensive Economic Partnership is not just a “simple” trade agreement, Trade Secretary Alfredo E. Pascual told senators on Tuesday, noting that as an ASEAN-led free trade agreement, it will ensure the region’s “continued economic advantage” and will help maintain a “balance of power” within the region.
Amid the “rise of protectionism” and ongoing geopolitical crisis, the Trade chief said 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. The Trade chief noted that the Philippines is the only remaining signatory state that has yet to participate in the regional trade deal. The country, he stressed, cannot afford not to join as exclusion will be “costly” and the country will miss a lot of opportunities.
Pascual said other countries in the region enjoy preferential treatment arising from “enhanced” market access, wider sourcing of raw materials, among others. These stakeholders expressed their concern that “things could worsen, unless we act resolutely and fix the ills plaguing agriculture.”
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