The Aerospace Industries Association of the Philippines (AIAP), representing aerospace parts manufacturers and suppliers, expressed support for the Philippines’ participation in the Regional Comprehensive Economic Partnership (RCEP) agreement.
“The aerospace industry fully supports the RCEP because there are key benefits that cannot be ignored such as lower cost of inputs, convenience in trading with key partners in the region and best of all, the huge market potential in other member countries” said Mr. John Lee, Chairman of AIAP.
He also noted the value and growth of the industry. He mentioned, “the industry is one of the high-value and fast-growing industries in the Philippines with 10% growth in exports of aerospace parts and components in 2015-2019. Before the pandemic in 2019, exports of aerospace parts reached USD 780 million. In 2020, the Philippines was ranked 34th in the PWC Aerospace Manufacturing Attractiveness Index improving by five (5) notches from 39th in 2019.”
The RCEP Agreement is an economic treaty brokered by the Association of Southeast Asian Nations (ASEAN), of which the Philippines is a member, and its trading partners – Australia, China, Japan, New Zealand, and South Korea. It is considered as the largest trade bloc in the world.