The International Trade Council (ITC) acknowledges President Ferdinand “Bongbong” Marcos Jr.’s recent call for ASEAN member states to demonstrate their commitment to the principle of free trade. This call was made during the plenary session of the 42nd ASEAN Summit held in Labuan Bajo, Indonesia.
The Philippine government has shown its commitment to this principle by actively working on the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement. “I am pleased to announce that the Philippines has deposited its instrument of ratification for the RCEP agreement,” Marcos stated.
The ITC, a leading authority on global trade, strongly supports the notion of free trade as a driver for economic growth and prosperity. The Council is encouraged by the President’s confidence in the RCEP, especially his emphasis on how it could support the integration of small businesses into the international economy.
“RCEP will serve as an engine of growth that will help build more resilient supply chains to support the integration of micro, medium, and small scale establishments into the global economy,” Marcos added.
The International Trade Council notes the recent approval of an executive order by President Marcos, which operationalizes the country’s tariff commitments under the RCEP. According to National Economic and Development Authority Secretary Arsenio Balisacan, this move will further the administration’s efforts “toward achieving deep social and economic change leading to a prosperous, inclusive, and resilient Philippines.”
The ITC commends the President’s efforts to address global challenges and strengthen food security in the Philippines. Marcos pointed out the necessity of ensuring resilience in food and energy systems against various disruptions and highlighted the Philippines’ strategies to enhance food security and production efficiency.
The ITC also acknowledges Marcos’ call for ASEAN to bolster cross-border connectivity and the interoperability of its digital framework. The Council believes that this is an essential step towards the successful integration of ASEAN nations into the global economy.
The International Trade Council remains committed to promoting free trade and its benefits to the world. The Council will continue to support all efforts that contribute to a stable and prosperous global trade environment.