Philippines’ RCEP entry to boost trade ties with China

• Feb 24, 2023

MANILA: The Philippines joining the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, will boost the South-East Asian country’s economy and inject fresh energy into regional economic integration, experts and business executives say.

The economic and trade cooperation between China and the Philippines is also expected to reach new heights, they said.

On Tuesday, the Philippines became the last signatory member to ratify the trade pact, involving 15 economies in the Asia-Pacific region, which came into effect on Jan 1 last year.

“As a developing country with a large population, the Philippines has huge economic growth potential, and is expected to integrate (itself) deeper into regional industrial and supply chains when the RCEP is implemented in the country,” said Zhang Jianping.

Zhang is head of the centre for regional economic cooperation at the Chinese Academy of International Trade and Economic Cooperation.

“That will add growth impetus to not only the Philippines, but also to regional and world economies,” he added.

The free trade agreement will come into force in 60 days in the Philippines after the country officially deposits the instruments of ratification, acceptance or approval to the Asean Secretariat, the agreement’s depositary. With full implementation of the RCEP, around 90% of goods traded in the region will enjoy zero tariff. — China Daily/ANN