President Ferdinand Romualdez Marcos exhorted international trade partners to invest in the Philippines on Thursday, anticipating a boost to its export industry following the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement in the Southeast Asian nation.
During a forum on international trade conducted in Manila, Marcos sent a “message of goodwill” to foreign trade partners, assuring them that his country is “a dependable partner who will deliver.”
Marcos, referring to the export industry as a “economic linchpin,” stated that the implementation of a recently approved export development plan provides optimism for the future of the local export industry.
He emphasized the significance of the RCEP agreement, which entered into force for the Philippines this month, noting that the free trade treaty is another significant milestone in the nation’s export agenda.
With RCEP’s 15-country market coverage, the Philippines could broaden the reach of its exported products, thereby strengthening its economic integration and demonstrating its global competitiveness.
RCEP boosts exports for Philippines.
Huang Xilian, the Chinese ambassador to the Philippines, stated that China would support the Philippines’ export development strategy. He stated, “I look forward to expanding trade between China and the Philippines.”
In recent years, economic and trade relations between China and the Philippines have flourished, with China remaining the Philippines’ largest trading partner for decades.
In 2022 alone, import and export volumes between the two countries reached 87.7 billion U.S. dollars, according to the Chinese ambassador, who also noted that China added fresh durian to the list of Philippine fruits entering the Chinese market, which already included coconut, avocado, and frozen fruit.
As the Philippines ratified the Regional Comprehensive Economic Partnership (RCEP) earlier this month, Huang stated that economic and trade cooperation between the two nations “face unprecedented opportunities.”
“China will work with the Philippines to support the multilateral trade regime, promote economic openness, and contribute to the development of a strong, balanced, sustainable, and inclusive world economy,” said Huang.