PRESIDENT Ferdinand "Bongbong" Marcos Jr. on Thursday directed the Department of Trade and Industry (DTI) to "bring up the game" and make Philippines' export industry "prepared to compete" among the best economies in the world.
He said the goal is not to just make the country "able to export to and import from."
"So, it's not one way it's trade, and that is the most important thing but what we have to do is to allow ourselves the restructuring of some of the elements within the law, that are within the rules so that we can compete on an even basis," the Chief Executive said at the sidelines of the International Trade Forum hosted by the DTI in Taguig City.
"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... This is why we are constantly studying countries successful with their trade agreements particularly when it comes to exports," he added.
Marcos also noted that the Philippine government will be soon signing a free trade agreement with the Korean government and while also in the process of sealing FTAs with the European Union (EU) and the United States.
"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.
The President had 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.
"Our participation in these trade agreements not only deepens our economic integration, but also demonstrates our global competitiveness. Hence, we must continue to forge these vital agreements and preferential systems, and also maintain our good standing in, and seek renewal, of existing ones, including those with the EU and the US," he stated.
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, Marcos further noted.
(Economic Counsellor, Manila)
