Marcos says PH is studying best practices of nations on free trade pacts for exports
President Ferdinand Marcos Jr. said on Thursday that the country’s economic managers are thoroughly studying the best practices of other nations that have been successful in their free trade agreements for their exports.
In a media interview after gracing the International Trade Forum organized by the Department Trade and Industry (DTI) in Taguig City, the President said learning from the successes of other countries will also be key to staying competitive in the global export and trade.
“Kaya pinag-aaralan natin lagi kung ano ‘yung mga ginagawa ng mga ibang bansa na successful sa kanilang trade agreements sa kanilang mga export. At ang pinakamagaling sa ngayon ay nandito sa Asya. Iyan ang kakumpetensiya natin,” Marcos said.
“That is why we have to bring up our game, export game, a little bit and support our exporters so that they can compete in foreign markets, and that they are able to be, not only suppliers, but also industrial consumers of the products that are around the world. In other words, to strengthen trade,” he pointed out.
The President cited that the Philippines will be soon signing a free trade agreement with the Korean government and is now working on signing FTAs with the European Union and the United States.
“But the reason we are doing this is we want to open markets so that the Philippines will be able to export to and import from. So it’s not one way, it’s straight,” President Marcos said.
“And that is the most important thing. But what we have to do is to allow ourselves the restructuring of some of the elements that are within the law, that are within the rules so that we can compete on an even basis,” he added.
During his speech at the DTI event, the President underscored the importance of the Regional Comprehensive Economic Partnership (RCEP) Agreement, which came into force this month, noting that the free trade pact is another significant milestone in the nation’s export agenda.
With RCEP’s 15-country market coverage, the Philippines could expand further its market reach for its exported goods, deepening not only the country’s economic integration, but also demonstrating its global competitiveness.
The implementation of the RCEP Agreement in the Philippines is expected to widen market opportunities, foster more cross-border regional value-chains, increase attractiveness of industries to foreign direct investments (FDIs) and ,promote easier participation of micro, small, and medium enterprises (MSMEs) in regional trade. Presidential News Desk
