The ratification of the Regional Comprehensive Economic Partnership (RCEP) has been assigned to a special subcommittee which is set to hold a hearing today, February 7, according to Trade Secretary Alfredo Pascual.
Pascual said the Senate last week manifested on the floor, upon instruction of the Foreign Relations Committee chaired by Imee Marcos and majority floor leader Joel Villanueva, the creation of the subcommittee on RCEP with Senate pro tempore Loren Legarda as chair.
Pascual in a statement yesterday said RCEP is vital to the country being considered an ideal investment destination in the East and Southeast Asian region for two reasons: It assures investors that the country will remain an open market for trade and investment and that, in terms of policy direction, the country is heading towards a more investment-friendly environment.
“RCEP will complement the game-changing economic reforms (undertaken by the government) and strengthen the country’s enabling environment for business.
This regional pact will open a wide range of market opportunities for investors, particularly in export-oriented enterprises…. The Philippines cannot afford not to be part of this mega free trade agreement,” Pascual said.
He said like any other trade agreement, RCEP should be viewed not only in the context of market access but also in the aspect of stability of trade and investment rules.
“The Philippines has only a few FTAs compared with other competing Asean countries.
Suppose our country is seen to be reluctant to join this regional trade agreement spearheaded by Asean itself, such reluctance would pose many questions about the country’s trade policy direction,” Pascual said.
RCEP is also seen to complement the country’s national policies and programs, including those in agriculture, micro, small and medium enterprisess, services, e-commerce, intellectual property, competition, and sustainable development.
The Philippines is the remaining signatory state that has yet to participate in this important trade deal
RCEP chief trade negotiator trade assistant secretary Allan Gepty, assured concerns raised by groups of farmers are well addressed in the agreement.
Gepty said should be increased imports that threaten the local industry, trade remedies under the World Trade Organization agreements can still be availed of: RCEP transitional safeguard that will address injury or even threat of injury to a domestic industry as well as anti-dumping and countervailing measures.
