The Regional Comprehensive Economic Partnership Agreement (RCEP) officially entered into force for the Philippines on the 2nd. Several Philippine officials expressed the expectation that RCEP will bring more opportunities for the development of the Philippines and accelerate regional economic integration.
Alan Hepty, chief negotiator of the Philippine RCEP negotiations, said at a press conference held in the capital Manila on the same day that the world's largest free trade agreement came into force for the Philippines, which is a milestone and will bring the Philippines in the fields of trade, services and investment. Come to more opportunities and gain greater market access.
Philippine Trade and Industry Secretary Alfredo Pascual said that RCEP will bring more benefits to small, medium and micro enterprises in the Philippines, giving them the opportunity to participate in the division of labor and collaboration in the global value chain. The Philippine government will focus on introducing the rules and advantages of RCEP to the business community, and help small, medium and micro enterprises make good use of this open and inclusive free trade platform.
Matthew Manotoc, Governor of Ilocos Norte in the Philippines, said in an interview with Xinhua News Agency that the economy of Ilocos Norte is dominated by agriculture, and RCEP will provide more convenience for the province to cooperate with China in agriculture. He said that RCEP will reduce tariff barriers and promote economic and trade exchanges between the Philippines and China. In the field of agricultural cooperation, the focus can be on agricultural product processing, machinery export, and construction and management of water conservancy facilities.
A study by the Philippine Development Institute predicted that joining RCEP would increase the Philippines' total economic output by about 2%. The Philippine Department of Finance said in a statement that Philippine agricultural products, auto parts and clothing will benefit from RCEP, which will help enhance the international competitiveness of related industries in the Philippines.