Any student of international trade would tell you that the logic of free trade rides at the back of production efficiency and comparative advantage.
Marcos Jr.'s ratification of the Regional Comprehensive Economic Partnership and faced with the apprehensions expressed by many sectors, Senate President Juan Miguel Zubiri assured us that if things go south and our local markets are flooded with imported goods and services to the detriment of local producers, we can easily withdraw from the treaty. After all, according to Zubiri, there is a provision for such an option in the agreement.
In terms of trade in services, the ADB study showed that the Philippines has imposed limitations on the number of service suppliers, total value of service transactions or assets, number of service operations or the total quantity of service output, total number of service operations or on the total quantity of suppliers, total number of natural persons that may be employed. It has also imposed measures that restrict or require specific types of legal entity or joint venture.
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