Exports of four sectors to improve with RCEP ratification
Exports of four sectors are expected to improve with the ratification of the Regional Comprehensive Economic Partnership (RCEP).
In a news forum, Trade and Industry Assistant Director Marie Sherylyn Aquia said the sectors that are expected to improve are electronics, machinery equipment, agriculture, and the construction industry.
"There are four sectors that will have an improvement in exports: electronics, machinery equipment, non-agriculture, there will also be changes in vegetable, fruits and other food products in agriculture and food exports; there will also be improvements in construction industry," she said.
"They are the beneficiaries because we are expecting the arrival of investments. It covers almost 30 percent of global trade, and it has a very large market. That is the benefit that we see that is why the DTI and our leadership support the ratification of RCEP," he added.
Aquia said based on a study of Caesar Cororaton, Philippine Institute of Development Studies Senior Research Fellow, the improvement in the exports of the four sectors would take effect after 20 years, "because the implementation of tariff reductions and elimination is over 20 years."
According to Cororaton, the poverty incidence will decrease by at least 3 percent and the GDP will increase by more than 1 percent or almost 2 percent after over 20 years.
Aquia said following the issuance of the executive order for the implementation of RCEP, the implementation will take effect by June 2, 2023. Robina Asido/DMS
