Allangepty, assistant minister of relevant departments, told reporters that my country's goal was to approve RCEP before June after submitting a request to the president.
Jeepti said that according to the above timetable, the Senate is expected to agreed with RCEP from July to November.
He said: "For the Philippines, we are trying to complete the internal procedures so that the Philippines is one of the six ASEAN member states for the approved approval."
RCEP will take effect in the 60 days after six ASEAN member states and at least three ASEAN Free Trade Agreement (FTA) partners approved the regional trade agreement. This approval provides a legal basis for the implementation of the Treaty (such as the trade agreement). RCEP was initiated by ASEAN in 2012 to allow the free circulation of goods, services and investment between countries, services, and investment. After eight years of negotiations, the trade agreement was reached in November 2020.
RCEP initially involved 10 member states of ASEAN-Brunei Darugaland, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam-and its six FTA partners, including Australia, New Zealand, China, China, China, China , India, Japan and South Korea. India believes that RCEP will open its market in 2019 to deal with fierce competition from the reduction in export costs of manufacturing in China. Therefore, India withdrew from the 2019 trade agreement. Gypsiti said that for the Philippines, he believes that this is an opportunity to attract more Chinese investment here. "We expect services and investment to improve. Therefore, more service providers and investors may open or do business in the Philippines. Similarly, Philippine service providers and investors can also regard China as expanding their business scope Another potential market. "He added that RCEP will also provide more prospects for my country's economic connection with other RCEP participating countries. The relevant personnel of the trade said: "According to RCEP, the Philippines can position itself as the investment hub, innovation hub, manufacturing hub, and training and education centers in the region."
15 RCEP participating countries account for 30%of the global population, and the GDP has reached US $ 23.5 trillion.
In short, the signing of RCEP is of profound significance for the trade economy between my country and the Philippines, and has great benefits to both countries.
