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DTI eyes RCEP’s ratification next year

The Department of Trade and Industry (DTI) is hopeful that the Regional Comprehensive Economic Partnership (RCEP) free trade agreement would be ratified next year.

In a recent briefing, Allan Gepty, Trade assistant secretary and Philippine lead trade negotiator, told reporters that his department planned to “finish the ratification process, including the Senate concurrence, by next year because we have the [national elections] in 2022.”

Before the RCEP takes effect, “there should be at least six Asean (Association of Southeast Asian Nations) [members] to deposit the instrument of approval or ratification and at least three Asean external partners,” he explained.

The 10 members of Asean — Brunei Darussalam, Cambodia, Indonesia, the Lao People’s Democratic Republic, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — as well as Australia, China, Japan, New Zealand and South Korea, signed the deal on November 15.

The DTI has claimed that the RCEP would improve the country’s competitiveness in exporting agricultural products, automotive parts, and garments.

The pact, it said, would increase the cumulation of certain products and benefit the country’s micro, small and medium enterprises (MSMEs).

A chapter in the agreement is dedicated to the institutionalization of support and cooperation geared toward MSMEs’ inclusive growth.

Gepty said sectors expected to benefit from RCEP include manufacturing, transportation, agriculture, auto parts, electronics, aerospace, creative industries, and information technology and business process management.

Once in effect, the RCEP would account for 27.8 percent of the world’s trade ($10.5 trillion), and 23.6 percent of foreign direct investment (FDI) inflows and 33.5 percent of FDI outflows.

The RCEP countries account for 60.6 percent of total Philippine merchandise trade and 11.4 percent of FDI inflows last year.


Source: ManilaTimes
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