STARTING June 2, the Philippines will have wider access and implement its free trade commitments with 14 countries in the Asia-Pacific region under the new regional economic grouping Regional Comprehensive Economic Partnership (RCEP).
The Department of Foreign Affairs announced the date of entry into force of the Philippine implementation of RCEP.
The date was set after Philippine Permanent Representative to the Association of Southeast Asian Nations (Asean) Hjayceelyn Quintana formally deposited the instrument of ratification of RCEP with the Asean Secretariat in Jakarta on April 27.
The handing over of the instrument of ratification is the final step to put the RCEP into effect.
In a brief ceremony, Ambassador Quintana handed over the RCEP instrument of ratification to Asean Secretary General Kao Kim Hourn.
“Philippine participation in RCEP is important especially as it will make our industries more competitive, and it also complements existing government support programs with the measures committed in the FTA [free trade agreement] to open up trade,” Quintana said during the delivery of the document.
Except for Myanmar, the Philippines is the last member of Asean which ratified RCEP. The Senate ratified it on February 2023.
Aside from Asean, other RCEP members are China, Japan, South Korea, New Zealand and Australia. Asean started the negotiations in November 2012 in Cambodia and signed in 2020.
The Department of Trade and Industry earlier said a number of Philippine products will gain enhanced market access in terms of tariffs and rules of origin given the wider cumulative area under RCEP.
This includes canned tuna, coconut water, coffee, fruit cocktail, fresh papaya and durian, ignition wiring sets, leather goods and bicycles.