NextGen Day

Ferdinand Alexander “Sandro” Marcos, senior deputy majority leader and representative for Ilocos Norte’s first district, stated on Tuesday that the Regional Comprehensive Economic Partnership (RCEP) agreement’s ratification would help the local economy, particularly the micro, small, and medium-sized businesses (MSMEs).

The ultimate objective of the trade agreement, regional economic integration, would be advantageous to MSMEs as well as electronic and borderless trade, according to Marcos in his statement at the sponsoring event.

The RCEP pact, according to Marcos, “is a manifestation of the member nations’ willingness to enhance regional economic integration, accelerate market opening, and most crucially, contribute to global efforts to save collapsing economies as a result of the Covid-19 pandemic.”

While the Regional Comprehensive Economic Partnership (RCEP) continuously tweaks the mutually beneficial regulations on trade, investment, and regional supply chains, he continued, “the (economic) integration would strengthen the economic and equitable growth and development of each RCEP member country.”

According to Marcos, citing Trade and Industry Secretary Alfredo Pascual, the RCEP’s tariff liberalization will make it simpler for Filipino exporters to acquire preferential market access, enabling the nation to take advantage of possible market advantages.

After that, the House of Representatives passed House Resolution 728, which endorsed the RCEP agreement’s immediate ratification in its entirety.

The resolution states that the Philippines would be able to profit more quickly from the advantages of the massive trade agreement, which may attract more international investors, increase job possibilities, and lower the unemployment and poverty rates in the nation.

Marcos, Speaker Ferdinand Martin Romualdez, Majority Leader Manuel Dalipe, and Rep. Mario Vittorio Mario of Batangas are the authors of the resolution.

The RCEP Agreement, a trade agreement involving the 10 members of the Association of Southeast Asian Nations (ASEAN) and its five free trade agreement (FTA) partners, namely Australia, China, Japan, New Zealand, and the Republic of Korea, was signed by the Philippines on November 15, 2021, according to the document.

The Department of Trade and Industry listed the following advantages of the RCEP Agreement: lower costs for obtaining essential manufacturing inputs; ease of business trading with significant FTA partners; competitiveness of Philippine industries; and complementation of already-existing government initiatives.

By ratifying the RCEP Agreement right away, Romualdez said, “the Philippines may sooner benefit and enjoy the advantages of this mega-trade deal that could attract more foreign investors, create more job opportunities, and cut the unemployment and poverty rates in the nation.”

The RCEP agreement will benefit the Philippines in ways that “far outweigh the risk, as it will promote greater openness, create a more business-friendly environment, encourage closer integration of economies, and provide a more stable and predictable rules-based system of trade,” according to Romualdez and the other authors.

The Regional Comprehensive Economic Partnership (RCEP), which was created as the framework for economic and trade cooperation in the Asia Pacific region, integrates and optimizes economic and trade rules, taking into account the evolving digital environment that affects intellectual property rights, trade facilitation measures, electronic commerce, and cross-border trade.

The RCEP agreement will promote foreign investment in the Philippines, according to the authors, and “enable more participation in the sectors of digital services, business process outsourcing industries, financial services, aerospace, shipbuilding, research and development, and many others.”

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