BUSINESS
Advocates Philippines
Regional Comprehensive Economic Partnership (RCEP) Agreement Comes Into Force For The Philippines, Boosting Economic Growth
Manila, June 2, 2023 - The Regional Comprehensive Economic Partnership (RCEP) agreement, described as a "Mega free trade deal," will officially enter into force for the Philippines today, according to Department of Trade and Industry (DTI) Secretary Fred Pascual. The RCEP, a modern, comprehensive, high-quality, and mutually-beneficial economic partnership, aims to enhance market access and trade facilitation among its signatories.
The approval of the RCEP ratification by the Senate earlier this year paved the way for the implementation of the agreement. With the issuance of Executive Order (EO) No. 25 s. 2023, the Philippines is ready to fulfill its tariff commitments under the RCEP.
Secretary Pascual emphasized the significance of the RCEP for the country, stating that it provides enhanced market access for key Philippine products, including preserved pineapples, durian, chocolate, and ignition wiring sets. He further expressed his belief that RCEP will be instrumental in fostering inclusive economic growth, not only for the Philippines but also within the Association of Southeast Asian Nations (ASEAN).
The RCEP introduces improved rules and procedures that will facilitate trade within the region. This includes advanced customs procedures to streamline trade processes and a single set of rules of origin (ROO) to simplify transactions among the 14 trading partners.
Furthermore, the RCEP offers expanded cumulation, allowing exporters to source raw materials from the 14 countries involved and secure preferential market access to a larger free trade area. This advantage is expected to benefit businesses in various industries and boost their competitiveness.
To promote awareness of the benefits of RCEP, especially for micro, small, and medium enterprises (MSMEs), Secretary Pascual announced that the DTI would hold a press briefing at the Philippine Board of Investments. The event aims to inform the public about the advantages of an open, inclusive, and rules-based trading system. Additionally, the DTI plans to launch an information and advocacy campaign in collaboration with the Office of the President (OP) to promote RCEP and other trade agreements and engagements of the Philippines.
The RCEP Agreement, signed on November 15, 2020, brings together the 10 ASEAN Member States (AMS) and five Free Trade Agreement (FTA) partners, including Australia, China, Japan, the Republic of Korea, and New Zealand. As the RCEP takes effect in the Philippines, it is expected to generate increased trade and investments, fostering economic growth and cooperation within the region.
The approval of the RCEP ratification by the Senate earlier this year paved the way for the implementation of the agreement. With the issuance of Executive Order (EO) No. 25 s. 2023, the Philippines is ready to fulfill its tariff commitments under the RCEP.
Secretary Pascual emphasized the significance of the RCEP for the country, stating that it provides enhanced market access for key Philippine products, including preserved pineapples, durian, chocolate, and ignition wiring sets. He further expressed his belief that RCEP will be instrumental in fostering inclusive economic growth, not only for the Philippines but also within the Association of Southeast Asian Nations (ASEAN).
The RCEP introduces improved rules and procedures that will facilitate trade within the region. This includes advanced customs procedures to streamline trade processes and a single set of rules of origin (ROO) to simplify transactions among the 14 trading partners.
Furthermore, the RCEP offers expanded cumulation, allowing exporters to source raw materials from the 14 countries involved and secure preferential market access to a larger free trade area. This advantage is expected to benefit businesses in various industries and boost their competitiveness.
To promote awareness of the benefits of RCEP, especially for micro, small, and medium enterprises (MSMEs), Secretary Pascual announced that the DTI would hold a press briefing at the Philippine Board of Investments. The event aims to inform the public about the advantages of an open, inclusive, and rules-based trading system. Additionally, the DTI plans to launch an information and advocacy campaign in collaboration with the Office of the President (OP) to promote RCEP and other trade agreements and engagements of the Philippines.
The RCEP Agreement, signed on November 15, 2020, brings together the 10 ASEAN Member States (AMS) and five Free Trade Agreement (FTA) partners, including Australia, China, Japan, the Republic of Korea, and New Zealand. As the RCEP takes effect in the Philippines, it is expected to generate increased trade and investments, fostering economic growth and cooperation within the region.
Jun 2, 2023
