RCEP brings new opportunities for win-win cooperation to the Philippines

The Philippine President’s Special Envoy to China for Trade, Investment and Tourism Xu Zhijun said in an exclusive interview with Xinhua News Agency that the Regional Comprehensive Economic Partnership Agreement (RCEP) will bring new opportunities for cooperation and win-win cooperation in the economic recovery and development of the Philippines.

The Senate of the Philippine Congress approved the RCEP approval document on the 21st, clearing the last domestic obstacle for the agreement to come into force in the Philippines. Xu Zhijun said that this opens a new "door of competition" for the Philippines. On the one hand, it will benefit the development of local agriculture, service industry and tourism, and on the other hand, it will also effectively stimulate the vitality of independent innovation of local enterprises and drive new industries. Industries and new kinetic energy emerge. He said that RCEP members are mutually beneficial and win-win, and jointly promote the formation of a larger market, allowing consumers to obtain more products at more affordable prices.

Xu Zhijun said that the Philippines should take advantage of RCEP to fully explore its geographical advantages and try to build an Asian regional logistics center. In addition, the entry into force of RCEP in the Philippines will help it become an ideal manufacturing center and a more attractive investment destination.

He said that China is an important participant in regional economic cooperation. Under the RCEP framework, the economic and trade cooperation between the Philippines and China will usher in new win-win opportunities, and it is expected to obtain more favorable arrangements for China's market access and attract more foreign investment in manufacturing, agriculture and other fields.

RCEP currently has 15 member countries, including China, Japan, South Korea, Australia, New Zealand, and 10 ASEAN countries, all of which account for about 30% of the global total in terms of population, economic volume, and total trade volume. Since it took effect on January 1, 2022, the policy dividends of RCEP have been continuously released, becoming an important highlight of world economic growth.