General

Xu Zhijun, Special Envoy of the President of the Philippines for International Trade, Investment and Tourism to China, said in an exclusive interview with reporters that the Regional Comprehensive Economic Partnership Agreement (RCEP) would bring new opportunities for win-win cooperation for the economic recovery and development of the Philippines.

The Senate of the Philippine Congress approved the RCEP approval on the 21st, clearing the last obstacle for the agreement to enter into force in the Philippines. Xu Zhijun said that this will open a new "competition door" for the Philippines. On the one hand, it will be conducive to the development of local agriculture, service industry, tourism and other fields. On the other hand, it will also effectively stimulate the independent innovation vitality of local enterprises and drive the emergence of new industries and new drivers. He said that all members of RCEP would benefit from each other and jointly promote the formation of a larger international trade market so that consumers could obtain more products at a more affordable price.

Xu Zhijun said that the Philippines should take advantage of RCEP to fully explore its geographical advantages and try to build a regional logistics center in Asia. In addition, the official 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 international trade cooperation between the Philippines and China will usher in a new win-win opportunity, which is expected to obtain more favorable Chinese market access arrangements 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, accounting for about 30% of the global total in terms of population, economic volume and total international trade. Since its entry into force on January 1, 2022, the policy dividend of RCEP has been continuously released, becoming an important highlight of world economic growth, and international trade has developed steadily.