NextGen Day

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.

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