Global EditionASIA 中文双语Français
World
Home / World / Asia-Pacific

Philippines approves tariff commitments under RCEP

Xinhua | Updated: 2023-04-20 17:28
Share
Share - WeChat

MANILA - The Philippines on Thursday approved the executive order operationalizing the Philippines' tariff commitments under the Regional Comprehensive Economic Partnership (RCEP) Agreement.

National Economic and Development Authority (NEDA) Secretary said the NEDA Board, chaired by Philippine President Ferdinand Romualdez Marcos, also tasked government agencies to conduct a nationwide campaign on how the country can take full advantage of RCEP.

Marcos instructed agencies to "make it very clear" to the people RCEP's benefits to the country's agriculture sector and how it affects agriculture businesses and operations.

Trade Secretary Alfredo Pascual described RCEP as a "modern, comprehensive, high quality and mutually beneficial economic partnership agreement which provides opportunities for market access on trade, services, and investments."

"The agreement also establishes clear, stable, and predictable rules on trade and investments in our region, which makes it more convenient and competitive for Philippine businesses and stores to be integrated into the global economy," Pascual said.

Pascual said the executive order is proposed to be effective on June 2, 2023, to coincide with the end of the 60 days "after the deposit of the instrument of ratification."

Ratified by the Philippine Senate on Feb 21, the RCEP is a massive free trade agreement involving Australia, China, Japan, South Korea, New Zealand, and the 10 members of the Association of Southeast Asian Nations (ASEAN).

It is the world's largest free trade bloc covering about 30 percent of the world's population, as well as 30 percent of the world's economic and trade volume.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US