The Department of Trade and Industry (DTI) said the Philippines cannot afford further delay in joining the Regional Comprehensive Economic Partnership (RCEP) trade agreement. READ:
THE Department of Trade and Industry said the Philippines cannot afford further delay in joining the Regional Comprehensive Economic Partnership trade agreement.
Touted as the world’s largest free trade agreement , the RCEP started coming into force in the various signatory countries on Jan. 1, 2022. The participants include the 10 members of the Association of Southeast Asian Nations , Australia, China, Japan, South Korea, and New Zealand. “The Philippines has only a few FTAs compared with other competing ASEAN countries. Suppose our country is seen as reluctant to join this regional trade agreement spearheaded by ASEAN itself, such reluctance would raise many questions about the direction of trade policy.”
Trade Assistant Secretary Allan B. Gepty said that the concerns of the agriculture industry are addressed by the RCEP deal, which permits resort to trade remedies prescribed by the World Trade Organization .
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