The Federation of Free Farmers has rebuffed the claim by business groups that the country will lose its export markets if the Senate does not endorse the Regional Comprehensive Economic Partnership trade treaty.Recently, the country’s local and foreign business groups banded together to push for the Senate concurrence to Malacanang’s ratification of RCEP in Sept. last year.
Montemayor also downplayed claims that local manufacturers will find it harder to secure their raw materials if the country snubs the RCEP. He added that these inputs will not become cheaper or more accessible merely because of RCEP membership.
Meantime, the Department of Trade and Industry said in a separate statement warned of economic impact of the delay in ratification on the mega trade deal. The Trade Secretary noted that most economists and trade experts are one in saying that the Philippines stands to gain economically from the agreement, from lower trade costs, higher factory gate prices, increase in exports, increase in real GDP growth rate, reduction of poverty incidence, and enhance competitiveness of industries.
Sec. Lopez also stressed that consultative processes with sectoral stakeholders were followed over the course of negotiating the Agreement, noting that safety nets and flexibilities were available under RCEP, and that sensitive products were excluded from tariff liberalization.
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