On Feb. 21, the Philippine Senate ratified RCEP, clearing the last obstacle for the agreement to enter into force in the Philippines. Xu said that this will open a new "door of competition" 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 vitality of independent innovation for local enterprises and prompt the emergence of new industries and new economic driving forces. He said that all members of RCEP would benefit from each other and jointly make a larger market so that consumers could purchase more products at a more affordable price. 

Xu said that the Philippines should take advantage of RCEP, 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 economic and trade cooperation between the Philippines and China will open new win-win opportunities. The Philippines is expected to obtain more favorable access to Chinese market and attract more foreign investment in manufacturing, agriculture and other fields. 

RCEP currently has 15 member states, including China, Japan, South Korea, Australia, New Zealand and 10 ASEAN countries, which account for about 30% of the global total in terms of population, economic aggregate and trade volume. Since its entry into force on January 1, 2022, the policy dividends of RCEP has been unleashed consistently, making it a highlight of world economic growth. 

Source: Xinhua News