The Philippines will sign this China-led agreement in November…
Minister of Trade and Industry:The Philippines will sign the RCEP in November
[Philippines World Journal Special News]
Despite the challenges posed by the new crown pneumonia epidemic, after 8 years of hard work, the Philippine negotiators are finally ready to sign the agreement in November this year. Free trade agreement-“Regional Comprehensive Economic Partnership Agreement” (RCEP).
On August 26, Minister of Trade and Industry Lopez participated in a video conference with colleagues from RCEP member countries. On August 27, Lopez spoke to the media. The statement made a statement claiming that the unresolved part of the agreement has finally reached a consensus after negotiation.
He pointed out that RCEP is considered the largest trade in the world Agreement, the Philippines will definitely benefit from this agreement, because it will open more markets for local exporters of goods and services, and even small, medium and micro enterprises.
Lopez said:“The population of all member countries accounts for about 30%of the world’s population. In terms of GDP, it accounts for about 28%to 29%of the global total. RCEP The total exports of the member states also accounted for about 28%.”
In addition, he specifically mentioned:”For the Philippines, our interest is in exports related to RCEP member states. In the market, about half of our export trade volume comes from trade with RCEP member countries.”
The Minister of Trade and Industry also said:He is confident that the trade agreement will It will help bring much-needed investment and job opportunities in the Philippines to help the country escape the economic recession caused by the new crown pneumonia epidemic.
He said:“As you know, many Filipinos have lost their jobs now. We should be able to attract more investment, which will create jobs and produce more More products in order to be able to export to 14 other countries under the FTA (Free Trade Agreement) with the greatest degree of free trade.”
Can benefit from this agreement The industries and products include auto parts, clothing, motors, fresh and pickled fruits and vegetables, and services in the fields of telecommunications, transportation, finance, insurance and construction.
But when it comes to how much the Philippines will gain from the agreement, Lopez explained:“Due to the outbreak, we are conducting the second round of research Estimated, but it will definitely benefit us. It will far exceed the cost we paid, of course because more markets will be open to us.”
RCEP started in November 2012 when a trade agreement was jointly initiated by ten ASEAN member countries and five other trading partners, Australia, China, Japan, New Zealand, and South Korea, to promote free trade in this region.
The agreement is believed to have promoted 27.8%of the world’s total trade volume, or US$10.5 trillion, of which exports are US$5.5 trillion and imports are US$4.9 trillion. Dollar.