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Investment promotion organizations are urging Senate approval of the RCEP.

The country’s investment promotion agencies (IPAs) and several business groups have urged the Senate to approve the Regional Comprehensive Economic Partnership (RCEP) immediately.

The Philippines, according to the IPAs and industry organizations, cannot afford to delay or opt-out of the RCEP, which is currently the world’s largest free trade agreement (FTA).

“The RCEP Agreement fosters more openness, produces a more business-friendly climate, stimulates deeper economic integration, and establishes a more stable and predictable rules-based trading system.” “These factors, taken together, make the RCEP countries more appealing investment destinations,” according to the joint statement.

The Philippine Economic Zone Authority, the Authority of Freeport Area of Bataan, the Aurora Pacific Economic Zone and Freeport Authority, Clark Development Corporation, Cagayan Economic Zone Authority, John Hay Management Corporation, Poro Point Management Corporation, Regional Board of Investments-Bangsamoro Autonomous Region in Muslim Mindanao (ARMM), Subic Bay Metropolitan Authority, Subic-Clark Alliance for Development Council, Subic Bay Metropolitan Authority, Subic-Clark Alliance for Development Council, Subic Bay

“In this regard, the Philippines’ initial inclusion in RCEP is critical because it will enable Philippine enterprises, particularly those focused on exports, to benefit from fewer trade barriers and increased market access for goods and services in 14 export destinations,” they stated.

RCEP, according to the IPAs and industry groups, provides a broader and cheaper supply of raw materials, which will aid the country’s ambition of becoming a regional manufacturing and development powerhouse.

They went on to say that the country’s participation in the RCEP would help it attract foreign direct investment (FDIs).

“As trade and investment migrate to Asia, the RCEP region remains a strong bulwark for economic activities and opportunities,” the IPAs and industry organizations said. “In light of the foregoing, we urge the Philippine Senate to approve the RCEP agreement’s ratification as soon as possible.”

In September of last year, President Rodrigo Duterte authorized the Philippines’ participation in the Regional Comprehensive Economic Partnership (RCEP).

For the country to deposit its instrument of ratification, it needs Senate approval.

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

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