21 0 0 1 month ago 4 min to read

NEDA: More agricultural imports under the RCEP are unlikely.

Cebuano Cebuano English English Filipino Filipino

Arsenio Balisacan, the secretary of the National Economic and Development Authority (NEDA), disputes assertions that the Regional Comprehensive Economic Partnership (RCEP) will permit a surge in agricultural imports into the nation.

“Many discussions with worried parties and analyses on the matter confirm that joining RCEP would probably not result in a sharp increase in agricultural imports. In any event, the government aims for a competitive and robust agriculture industry with or without RCEP, Balisacan said in a statement on Monday.

In comparison to the current ASEAN+1 free trade agreements (FTA), the multilateral trade agreement that the Philippines is currently implementing, only 15 agricultural commodity groups out of 33 tariff lines will have tariff reductions under RCEP, according to data provided by the International Trade Center.

Only 1.9 percent of the 1,718 agricultural lines and 0.8 percent of all agricultural imports are represented by this. Only eight of these 33 tariff lines are for finished goods; 17 are for raw materials, and eight are for intermediate products.

Even though the RCEP lowers the tariff on some products, it raises the tax on sensitive ones or even excludes them from the concessions.

“Since partner nations agreed to cut tariff rates on Philippine exports, joining RCEP will improve our market access for important agricultural exports. Opportunities may be lost as a result of non-participation or RCEP ratification delays. We want to encourage more openness, foster an environment that is conducive to business, and offer a trading system that is more reliable and predictable, Balisacan continued.

The Philippines is the only country that has not yet ratified the RCEP despite being one of the 15 nations that signed it in 2020.

The Senate is still debating whether to concur.

The trade agreement became effective on January 1, 2021.

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:

1.) ❤️Give a Tip. If you would like to make a small donation to support us, please give a tip thru PayPal at https://paypal.me/SocialBoostVA😊❤️

Subscribers in the Philippines can make donations to mobile number 0917 906 3081, by using the GCash website or GCash mobile application.

2.) Be one of our SPONSOR. We can published your promotions, PR stories/news articles with contact details as an additional exposure of your company products and services.

3.) 👍 Give this news article a Thumbs Up, Leave a Comment (at Least Five Words), and Share!


Cebuano Cebuano English English Filipino Filipino

Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x