While he supports the RCEP “as a free trader,” an economist-lawmaker on Thursday said the agreement could “accelerate the hollowing out of our domestic agriculture and manufacturing sectors.” Know more:
WHILE he supports the Regional Comprehensive Economic Partnership “as a free trader,” an economist-lawmaker on Thursday said the agreement could “accelerate the hollowing out of our domestic agriculture and manufacturing sectors” if there is no determined move to make manufacturing more competitive and agriculture more efficient.
“In that area, they even exchange non-tradeables, such as energy from Laos or Cambodia, where power prices are as low as 2 pesos per kwh. Thailand makes use of cheap Burmese labor. And China and Vietnam, for all their tensions, benefit from being next to each other. So, RCEP will only accelerate the integration of these economies and their value-chains,” he added.“But, it will create an edge for their manufacturing sectors, versus ours.
“I’ve seen very optimistic projections from our economic managers about RCEP’s impacts—but I have not seen a comprehensive framework on how to actually maximize RCEP and protect manufacturing and agriculture,” Salceda added.Salceda, meanwhile, said he believes the Philippines will achieve renewal of the Generalized System of Preference Plus trade agreement with the European Union.
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