PH targets to ratify RCEP next year

The Department of Trade and Industry (DTI) eyes the country’s ratification of the Regional Comprehensive Economic Partnership (RCEP) next year before politicians get busy for the national elections in 2022.

DTI Assistant Secretary Allan Gepty told reporters last week that the RCEP deal will come into force as soon as nine RCEP participating countries ratify the free trade agreement (FTA) in their respective nations.

“(The) plan is (to) finish the ratification and concurrence by Senate by next year. Since there’s an election (in 2022), so our target is next year,” Gepty said.

The nine RCEP participating countries are six members of the Association of the Southeast Asian Nations (Asean) and three Asean external partners that shall deposit their instruments of approval.

RCEP is the trade pact among the 10 member states of Asean and the bloc’s five FTA partners – Australia, New Zealand, China, Japan, and South Korea.

The deal was concluded last November 15.

He added that the RCEP participating countries have committed to work hard to ratify the deal next year so that member countries will start to benefit from the new trade pact.

“It (RCEP) is like a tool that has to be utilized,” Gepty said.

The trade official added that DTI ensures the competitiveness of local industries through its current initiatives and programs that are aligned with the RCEP deal.

Gepty cited local sectors that will benefit the most from RCEP which include manufacturing, transportation, and even agriculture, as well as subsectors such as auto parts, chemicals, and construction, among others.

Source: PCI