President Duterte has ratified the Philippines’ accession to the Regional Comprehensive Economic Partnership (RCEP), inching closer to the goal of the RCEP countries to make the deal effective beginning 2022.
Trade Secretary Ramon Lopez said the ratification document has been sent last week to the Senate for its concurrence.
DTI Assistant Secretary Allan Gepty said the Philippines had wanted to be among the first signatories to deposit the instrument of ratification so that upon effectivity of RCEP, the Philippines is already a party.
RCEP will enter into force 60 days after six Asean member- states and at least three of Asean free trade agreement partners have ratified the regional trade deal.
FTA countries China and Japan have deposited their instruments of ratification while Singapore is the only Asean country which have done so.
Gepty said the DTI believes it is in the country’s best interest to cooperate and work together for RCEP’s immediate concurrence by the Senate.
“Noting the benefits of RCEP to the Philippines, the stakeholders are looking forward to its effectivity and implementation. The sooner the Philippines becomes a party to the Agreement, the sooner we reap the benefits,” Gepty said.
“Under RCEP, the Philippines can position itself as an investment hub, innovation hub, manufacturing hub, and the center for training and education in the region,” he said.
The 15 RCEP participating countries account for 30 percent of the global population and gross domestic product of $23.5 trillion.
Lopez earlier said RCEP will not only facilitate the recovery efforts of the country but will also pave the way for the internationalization and deeper participation of micro, small, and medium enterprises in the global value chains.
He said having one set of simplified rules in trade will also facilitate trade transactions and will reduce administrative cost for exporters. In the process, this will encourage more production and manufacturing activities in the country. This means more jobs and business opportunities for the Filipinos.
The RCEP region accounts to around 50 percent of Philippine exports and 68 percent of Philippine import sources. – Irma Isip
