SENATORS will tackle the pending move to ratify the Regional Comprehensive Economic Partnersip , as endorsed by the Department of Trade and Industry , when they resume session in late May, according to the chairman of the Foreign Relations committee.
Opposers of RCEP stress, however, that the so-called “loss” from not joining is minimal compared to the huge adverse impacts on local economic sectors, noting how past multilateral accords failed to live up to the promised benefits for stakeholders.Sen. Aquilino Koko Pimentel III, chairman of the endorsing Senate Committee on Foreign Relations, said they intend to conclude interpellations to pave the way for a final plenary vote as soon as lawmakers resume sessions on May 23.
The RCEP relaxes trading rules among its member-countries Australia, China, Japan, South Korea, New Zealand, as well as the 10 members of the Association of Southeast Asian Nations —the Philippines, Brunei, Cambodia, Indonesia, Laos, Myanmar, Malaysia, Singapore, Thailand and Vietnam.
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