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PRRD should approve RCEP ratification as urgent, according to the economic team.

Economic managers have supported the Regional Comprehensive Economic Partnership (RCEP) to President Rodrigo Roa Duterte, according to DTI Secretary Ramon Lopez, so he can classify it as urgent for Senate approval.

“We’ve requested the President to certify this as an urgent matter — the ratification of the RCEP — so that we can get it done in January.” We’ve urged other department secretaries and economic managers to join us in endorsing this to the President. So now it’s at the President’s Office,” Lopez said during a Chinese Filipino Business Club Inc. (CFBCI) webcast on Monday.

Duterte ratified the RCEP in September 2021, and the paperwork has since been sent to the Senate for consideration and approval.

The Senate’s consideration of RCEP was pushed up, according to Lopez, because the upper chamber had already considered and enacted other important bills, including the national budget for 2022 and the Retail Trade Liberalization Act.

After eight years of discussions, the Regional Comprehensive Economic Partnership (RCEP) was signed in November 2020 by ten ASEAN member states and their five free trade agreement (FTA) partners: China, Japan, South Korea, Australia, and New Zealand.

In 2021, the participating countries will work with their respective governments to ratify and agree to the RCEP in order to deposit the ratification instruments.

For Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam, the RCEP went into effect on January 1, 2022, making them the first countries to benefit from the world’s largest free trade agreement.

This coming February 1, South Korea is expected to profit from RCEP benefits.

The agreement will take effect 60 days after the ratification instrument is deposited.

“We are hoping that the Senate will ratify this RCEP shortly, and we are expecting that they ratify this week,” Lopez continued.

The Philippine Chamber of Commerce and Industry (PCCI) issued a statement urging the Senate to expedite deliberations on the RCEP agreement so that firms can benefit from increased market access and economic prospects under the FTA.

“The business community hopes that the Senate will quickly approve RCEP’s ratification. We don’t want to be left behind in this department. “This is an opportunity that we must seize in order to contribute to our much-needed economic growth and recovery,” stated PCCI President George Barcelon.

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