MANILA, Jan. 24 (Xinhua): The Philippines’ Department of Trade and Industry on Monday urged the country’s senate to quickly ratify the country’s membership in the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade deal.
Trade Secretary Ramon Lopez warned of the negative impact on the economy if the country continues to delay the ratification of the mega trade deal, emphasizing that the Philippines’ economic gains have accrued under globalization and free trade agreements.
“Not joining RCEP or delaying our participation will disrupt this momentum. Investments will shy away from the country not participating. There will be capital flight and lost investment opportunities,” Lopez said.
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