Trade Secretary Ramon Lopez expressed concern that the country may lose investment opportunities to competitor countries over the delayed congressional approval of the Regional Comprehensive Economic Partnership.
“Will have it checked. It’s too early to tell, but that’s for sure if we further delay ratification [of RCEP[,” Lopez said Sunday.
Lopez said that Singapore’s Trade Minister recently announced that local businesses were exploring opportunities brought about by RCEP through the additional preferential market access they gained from China and Japan for products such as mineral fuels, plastics, chemical products, food preparations and beverages.
“We cannot afford to delay or not participate in this FTA deal when our ASEAN neighbors are already reaping the advantages of the agreement with partners. And they are already benefitting from it,” he said. Othel V. Campos
“Delayed participation in RCEP may send concerns to the business sector of the openness of the Philippine economy, and may divert to other economies the trade, investment, and other economic opportunities that the RCEP may bring,” he said.