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16 September 2022
Four agreements on bilateral economic, defense, and cultural cooperation were recently signed in the presence of presidents Ferdinand Marcos Jr. and Joko Widodo, who also decided to form task groups to hasten their implementation. The joint agreement serves as a concrete and lingering affirmation of the two countries’ strong diplomatic ties.
Particular of this agreement is the memorandum of understanding (MOU) signed by Philippine Trade Secretary Alfredo Pascual and Indonesian Minister of Tourism and Creative Economy Sandiaga Uno for cooperation in the development and promotion of the creative economy between Indonesia and the Philippines. The MOU seeks to enhance further economic engagement between the two countries by espousing the exchange of information on market research and policy trends, facilitating co-production, co-branding programs, and marketing innovative products, goods and services.
"The creative economy is such a vital cog in every economic ecosphere," says Arjel De Guzman, the founding director of Optmarks in Manila. "In the Philippines, especially, creativity is almost embedded in the genes of every Filipino. Creatives and skilled workers alike are important players in the economy, especially with the global demand for creative content and products being at its peak right now."
He adds that according to UNCTAD Creative Industry 4.0, the value of global creative goods exports was US$548 billion in 2019, prior to the Covid-19 pandemic. This amount was equivalent to about 3% of the total value of global merchandise exports for the year. Likewise, the preliminary estimates, global trade in creative services was around US$1 trillion in 2019, accounting for 18% of total trade in commercial services.
"The creative economy benefits IP in particular because Ip thrives in creativity, and creativity, on the other hand, is secured through the implementation of various IP laws," he says. "The two are intricately interconnected such that the development of one would likely lead to the success of the other."
He states, "The creative economy is on the rise. With the advent of new technologies and the ever-evolving forms of communication and access, creativity is brought to a new level we have not seen before. The influx of high-value content and products, along with an all-time high level of traditional and digital content consumption, contribute to this substantial growth of the creative industry. It is a very promising and bright industry, so to speak."
- Excel V. Dyquiangco