COUNTRIES need to forge agreements to unite and cooperate in order to address problems confronting them and move forward to make their respective economies prosper.
And as it happened that Asean member countries and other allies came to form a Regional Comprehensive Economic Partnership (RCEP) that would stimulate trade, investment and digital transformation among the member countries.
The agreement was launched in November 2012 and produced remarkable growth in global GDP trade and foreign direct investment amounting to trillions of US dollars.
The US is still a factor in the Asean-led endeavor as this super power can diffuse tensions between China and Japan and of itself.
Philippine Chamber of Commerce and Industry (PCCI) chairman emeritus Francis Chua said the agreement is beneficial to almost a third of the global population and is welcome news out of the pandemic.
Trade and Industry Secretary Ramon Lopez signed for the Philippines in this mega trade deal along with 14 other trade ministers.
Lopez was quoted as saying of this big deal: We need to sustain the spirit of entrepreneurship that, notwithstanding the health challenges, economic activities must continue. This RCEP agreement is a testament that the economy should keep going.
Indeed, economic drivers should be encouraged and put to motion to sustain the momentum of economic growth.
The pandemic should be a cause to rally all nations to put forth their skills and resources to combat the negative effects of the global disease.
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It should be noted that the RCEP agreement covers emerging areas in trade such as intellectual property, electronic commerce, government procurement and competition which are important in building a more conducive and stable economy environment not only for the Philippines but the whole region, according to Asst. Secretary Allan Gepty.
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With Trade Secretary Ramon Lopez and his team leading the challenges to climb the economic ladder, the Philippines expects to recover its pre-pandemic situation soon.