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China and Philippines Sign Strategic Trade Agreement

China and the Philippines have signed a new trade agreement that aims to enhance bilateral economic cooperation and promote regional development. The Comprehensive Agreement on Economic Cooperation (CAEC) was signed by China`s Minister of Commerce, Wang Wentao, and the Philippines` Secretary of Trade and Industry, Ramon Lopez, on April 16, 2021, during the visit of China`s Foreign Minister, Wang Yi, to Manila. The CAEC covers various areas of trade and investment, such as market access, customs procedures, trade remedies, intellectual property, e-commerce, and tourism.

The CAEC is expected to boost the trade volume and balance between China and the Philippines, two of the largest economies in Asia. In 2020, the bilateral trade between the two countries reached $43.6 billion, with China being the Philippines` top trading partner and import source. However, the trade relationship has faced challenges and controversies in recent years, such as trade imbalances, safety standards, geopolitical tensions, and the COVID-19 pandemic. The CAEC aims to address these issues and provide a more stable and comprehensive framework for trade and investment.

One of the highlights of the CAEC is the provision for preferential tariffs on certain products and services, which would reduce the cost and increase the competitiveness of traded goods. For example, China will grant zero-tariff treatment to 97% of the products from the Philippines that have sufficient domestic production capacity, while the Philippines will provide similar treatment to 62% of the products from China. The two countries will also establish a joint economic and trade committee to facilitate the implementation and review of the CAEC, as well as to explore new areas of cooperation.

Another aspect of the CAEC is the promotion of infrastructure connectivity and […]