A Philippine envoy to China has said the Philippines will embrace new opportunities to foster economic growth from the Regional Comprehensive Economic Partnership (RCEP) agreement as the country recovers from the COVID-19 pandemic.
Benito Techico, Philippine President Ferdinand Romualdez Marcos' special envoy to China for trade, investments, and tourism, said Philippine consumers will reap tangible benefits from competitions between the RCEP member countries, noting that there will also be more innovations in the market.
He stressed the need for the Philippines to fully use its geographic dividend as a strategic location in Asia to attract more foreign investment in manufacturing and logistics.
As the newly-appointed special envoy to China, Techico believed the RCEP catalyzes long-term trade and investment growth between the Philippines and China.
On Feb. 21, the Philippine Senate ratified RCEP, a massive free trade agreement involving Australia, China, Japan, South Korea, New Zealand, and the 10 members of the Association of Southeast Asian Nations.
It is the world's largest free trade area representing 30 percent of the global gross domestic product.
Produced by Xinhua Global Service
