Economic managers welcomed the ratification of the Regional Comprehensive Economic Partnership (RCEP), saying the mega-trade deal would strengthen the Philippines’ position as an ideal investment hub in the region.
Economic managers welcomed the ratification of the Regional Comprehensive Economic Partnership , saying the mega-trade deal would strengthen the Philippines’ position as an ideal investment hub in the region.
RCEP is the largest regional free trade agreement in the world, accounting for 30 percent of the world’s population, 29 percent of gross domestic product, 29 percent of trade, and 33 percent of global inward investments in 2020. Since its date of effectivity on Jan. 1, 2022, all RCEP participating countries have ratified the agreement, except for the Philippines.
Balisacan, meanwhile, expressed his optimism that the country will reap the benefits and advantages of the RCEP, as it consolidates existing ASEAN regional free trade agreements among members, as well as dispute settlement, among others. For her part, Pangandaman lauded the Senate leadership for the “prompt and decisive action” in ratifying the RCEP deal.
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