Senate to ratify RCEP within Q1, says Zubiri - BusinessWorld Online

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Senate to ratify RCEP within Q1, says Zubiri - BusinessWorld Online
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THE SENATE is working to ratify the Regional Comprehensive Economic Partnership (RCEP) trade agreement within the first quarter, Senate President Juan Miguel F. Zubiri said. READ:

The Senate Committee on Foreign Relations is holding a hearing on the RCEP on Feb. 7 which will be attended by stakeholders. Mr. Zubiri said there are plans to hold another hearing for opposition groups.

President Ferdinand R. Marcos, Jr., who concurrently serves as the Agriculture secretary, earlier urged the Senate to ratify the RCEP, according to the Presidential Communications O“It’s definitely beneficial for our country to be a part of RCEP… But under the RCEP, there is a protection clause for the next 10 years. In other words, there will not be a free flow of goods for the next 10 years for agriculture, just to protect them ,” Mr. Zubiri said.

Agriculture stakeholders previously said that the Philippines is unprepared to join the RCEP, citing the lack of cold storages and irrigation facilities that would hamper the competitiveness of local farmers. Mr. Zubiri said there is a 10-year protection clause under the RCEP, adding that there is enough time to modernize and increase the competitiveness of the local agriculture sector. —

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