Philippines eyes boosting export as RCEP opens more opportunities

MANILA, June 15 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Thursday urged investment from international trade partners, looking forward to boosting its export industry after Regional Comprehensive Economic Partnership (RCEP) agreement entered into force to the Southeast Asian country.

During an international trade forum held in Manila, Marcos sent "a message of goodwill" to foreign trade partners, saying his country is "a reliable partner (and) will deliver."

Describing the export industry as an "economic lynchpin," Marcos said that with the implementation of a recently approved export development plan, there is a reason to be optimistic about the future of local export industry.

He highlighted the importance of the RCEP agreement, which came into force this month to the Philippines, noting that the free trade pact is another significant milestone in the nation's export agenda.

With the RCEP's 15-country market coverage, the Philippines could expand its market reach for its exported goods, deepening its economic integration and demonstrating its global competitiveness.

Chinese Ambassador to the Philippines Huang Xilian said China would support the Philippines' export development plan. "I look forward to growing trade between China and the Philippines," he said.

Economic and trade relations between China and the Philippines boomed in recent years, with China remaining the largest trading partner of the Philippines for years.

In 2022 alone, the import and export volumes between the two countries reached 87.7 billion U.S. dollars, said the Chinese ambassador, adding that earlier this year China added fresh durian to the list of Philippine fruits entering the Chinese market, which includes coconut, avocado, and frozen fruit.

As the RCEP took effect to the Philippines earlier this month, Huang said economic and trade cooperation between the two countries "face unprecedented opportunities."

"China will work with the Philippines to support the multilateral trade regime, promote economic openness, and contribute to a strong, balanced, sustainable, and inclusive development of the world economy," Huang said.