Trade Secretary Alfredo E. Pascual told reporters in a recent media briefing that Mr. Marcos has completed his review of the RCEP, adding that the Cabinet has requested the concurrence of the Senate.
“We have prepared communication from the Executive, so that the President can submit to the Senate. It is just a matter of sequencing the Senate’s activities. They just finished approving the 2023 budget and then they will tackle RCEP. We are seeking the Senate’s concurrence as required by our laws,” he added.
“I’d like to point out that every time I meet a prospective investor, the initial question is will the Philippines ratify the RCEP because if they set up a factory here, they want to be able to export to all the RCEP-member countries competitively. That can be best helped by reduced tariff or no tariff at all. That is important,” Mr. Pascual said.RCEP, billed as the world’s largest FTA, started coming into force in the various jurisdictions on Jan. 1.
Mr. Rodolfo said that the FTA signing was delayed due to the recent Asia-Pacific Economic Cooperation meeting.
Source: News Formal (newsformal.com)
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