Philippine-based exporters were recently urged to further explore opportunities in 15 participating countries of the Regional Comprehensive Economic Partnership (RCEP).
Trade Secretary Ramon Lopez encouraged them to utilize the free trade deal under RCEP.
RCEP participating countries include the 10 Asean member states — Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam — and their five free trade agreement (FTA) partners including Australia, New Zealand, China, Japan, and South Korea.
“All the RCEP participating countries took years to negotiate the largest trade deal in the world. Now that it’s signed, the Department of Trade and Industry will now focus on assisting exporters to fully utilize its benefits,” Lopez said.
The RCEP participating countries concluded the trade deal in November 2020 after eight years of negotiations. Earlier, DTI Assistant Secretary Allan Gepty said the country targets to ratify RCEP this year.
For the RCEP to come into force, at least nine participating countries — six Asean members and three of the FTA partners — should ratify the deal in their respective nations.
Photo by PNA