By: ABS-CBN News
The Department of Trade and Industry (DTI) said Monday Philippine industries can take advantage of improved and broadened market access from the recently-signed Regional Comprehensive Economic Partnership (RCEP), which has been dubbed as the biggest free trade deal in the world.
Trade Secretary Ramon Lopez said the Asia-wide free trade agreement (FTA) is advantageous to local industries such as automotive parts, garments, electronics, IT-BPO and e-commerce, among others.
The FTA is seen to lower tariffs of imported goods, and broaden the sourcing of raw materials and export of products to the regional market.
Leaders of the 16 member countries of the trade bloc signed the RCEP on Sunday.
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