The Philippines, like other developing nations, has a lot to gain from joining international agreements that promote growth and development. The Philippines has entered into several international agreements that have benefited the country in various ways, including economic growth, increased investment, and improved working conditions.
In 2018, the Philippines ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is seen as a significant milestone in its trade and investment relations with other countries. The agreement was signed by 11 countries, including Canada, Australia, and Japan, and aims to increase economic cooperation and liberalize trade in the Asia-Pacific region.
One of the primary benefits of the CPTPP for the Philippines is the opportunity to increase exports and improve access to new markets. The agreement eliminates tariffs on a wide range of goods and services, making them more affordable and competitive in these new markets. This provides a significant boost to the Philippines` economy, which is heavily reliant on exports.
Another benefit of the CPTPP is increased foreign investment in the Philippines. The agreement includes provisions that protect foreign investors` rights and promote fair competition, creating a more attractive investment environment for foreign companies. As a result, foreign companies are more likely to invest in the Philippines, which can create jobs and stimulate economic growth.
In addition, the CPTPP has provisions that aim to improve working conditions for workers in member countries, including the Philippines. The agreement promotes fair labor practices and prohibits forced labor and child labor, ensuring that workers are treated fairly and with dignity.
The Philippines has also entered into several other international agreements that have benefited the country, such as the ASEAN Free Trade Area (AFTA) and the Japan-Philippines Economic Partnership Agreement (JPEPA). Both agreements have improved trade relations between the Philippines and its neighboring countries and have helped to spur economic growth.
In conclusion, the Philippines` participation in international agreements has brought significant benefits to the country, including increased exports, foreign investment, and improved working conditions. By continuing to engage in these agreements, the Philippines can continue to grow and thrive in the global economy.