Department of Trade and Industry (DTI) Secretary Ramon Lopez said economic managers have endorsed the Regional Comprehensive Economic Partnership (RCEP) to President Rodrigo Roa Duterte so he could certify it as urgent for the Senate’s concurrence.
Duterte already ratified RCEP in September 2021 and since then; the documents were forwarded to the Senate for deliberation and its concurrence.
Lopez said the deliberation on RCEP in the Senate was further pushed through as the upper house has discussed and passed other urgent bills, including the 2022 national budget and the Retail Trade Liberalization Act, among others.
RCEP, the trade deal of 10 member states of the Association of Southeast Asian Nations (Asean) together with its five free trade agreement (FTA) partners — China, Japan, South Korea, Australia, and New Zealand — was concluded in November 2020 after eight years of negotiations.
In 2021, the participating countries have been working with their respective governments for the ratification and concurrence of the RCEP for them to deposit the instruments of ratification.
RCEP entered into force on Jan. 1, 2022 for Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam, making them the first to benefit from the world’s largest FTA.
South Korea is expected to gain from RCEP benefits this coming February 1.
The agreement will enter into force 60 days after depositing the instrument of ratification.
In a statement, the Philippine Chamber of Commerce and Industry (PCCI) urged the Senate to speed up discussions on the RCEP deal for businesses to tap greater market access and economic opportunities under this FTA. (PNA)
