The Department of Trade and Industry (DTI) remains hopeful that the incoming administration will prioritize the ratification of the world’s largest trade pact even after failing to get Senate approval at the 18th Congress.
THE Department of Trade and Industry remains hopeful that the incoming administration will prioritize the ratification of the world’s largest trade pact even after failing to get Senate approval at the 18th Congress.
The outgoing trade chief said he firmly believes, however, that the Regional Comprehensive Economic Partnership will be on top of the priority list of the incoming economic team. His reassurance was followed by an overview of the consequences if the Philippines defers joining the RCEP. “As I said before, any delay in ratification means that we run the risk of losing some export markets and the good opportunities in new investments as they shift to participating countries who are already part of the RCEP system. There may be lost opportunities in investments, and jobs for our people, investments such as in agribusiness, manufacturing for exports, and services. Many investors we talk to always ask about our RCEP ratification,” Lopez emphasized.
Several local and even foreign business groups have rallied behind the outgoing trade chief’s push for the ratification of the regional trade deal. One of these is the Management Association of the Philippines , which is headed by his successor, the incoming trade chief Alfredo E. Pascual.
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