International News

The Philippines Officially Joined RCEP

Author : Bozhou Marine

Update time : 2023-02-27 12:13:44

The Philippine Senate formally approved the RCEP approval by 20 votes in favour, one abstention and one against that night. Subsequently, the Philippines will submit its approval to the secretariat of the Association of Southeast Asian Nations. RCEP will officially enter into force for the Philippines 60 days after the submission of the approval.

RCEP brings many benefits to the Philippine economy

Acenio Balisakan, Director of the Philippine National Economic and Development Bureau, said that joining the RCEP would help the Philippines integrate into the global supply chain, expand market access, and promote the sustained growth of the Philippine economy through regional and global trade and increase investment in strategic sectors.

The Philippine Minister of Trade and Industry Ramon Lopez said recently that RCEP can create a more stable and development-friendly investment environment for countries in the region, including the Philippines, and investors will prefer RCEP member countries. Approving RCEP as soon as possible and actively promoting its implementation will greatly promote the economic recovery of the Philippines and enhance the participation of Philippine enterprises in the global value chain.

Previous research and mainstream public opinion show that RCEP will bring greater export markets to the Philippines and more opportunities for foreign investors. The implementation of RCEP can enable Philippine exporters and local enterprises to obtain cheaper raw materials and intermediate products; Small and medium-sized export enterprises in the Philippines, especially agricultural producers, will benefit from flexible certification procedures and enjoy more preferential trade arrangements.

What is RCEP

The Regional Comprehensive Economic Partnership (RCEP) is a high-level free trade agreement initiated by the ten countries of the Association of Southeast Asian Nations and jointly participated by China, Japan, South Korea, Australia, New Zealand and other five parties that have free trade agreements with ASEAN. It is composed of a total of 15 parties.

This agreement is also open to other external economies, such as those in Central Asia, South Asia and Oceania.

RCEP aims to establish a free trade agreement with a unified market by reducing tariff and non-tariff barriers. After being approved and effective, "the reduction of tariffs among members is based on the commitment to reduce tariffs to zero immediately and to zero within 10 years".

So far, more than 16 RCEP parties have officially signed the agreement. As a result, the agreement surpassed the EU Free Trade Area and became the largest free trade economic system in the world.

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