The Regional Comprehensive Economic Partnership (RCEP) Agreement entered into force for the Philippines from June 2, 60 days after it has deposited its Instrument of Ratification with the Secretary-General of ASEAN in his capacity as the Depositary for the RCEP Agreement, the ASEAN Secretariat announced.
RCEP Agreement enters into force for Philippines (Photo: asean.org)
Jakarta (VNA) - The Regional ComprehensiveEconomic Partnership (RCEP) Agreement entered into force for the Philippinesfrom June 2, 60 days after it has deposited its Instrument of Ratification withthe Secretary-General of ASEAN in his capacity as the Depositary for the RCEP Agreement, the ASEAN Secretariat announced.
The RCEP, which entered into force on January 1, 2022, is an ASEAN-led initiative that creates the world’s l🅘argest freetrade area in terms of the Parties’ combined gross domestic product (GDP) whichis almost a third of the world’s GDP, and the market size as the Parties’combined population accounts for almost one-third of the world’s population.RCEP comprises the ten ASEAN member states, Australia, Chin✱a, Japan, theRepublic of Korea, and New Zealand.
The entry into force of the RCEP Agreement for all itssignatory States is a clear demonstration of the Parties’ support for aregional market that is open, free, inclusive, and adherent to a rules-basedmultilateral trading system. Through the RCEP Agreement, businesses in the region,particularly micro, small and medium enterprises (MSME), can benefit notonly from the market access commitments made by the Parties but also from amore liberal rules of origin that will provide businesses with broader optionsto source their production which could lead to increased productivity andcompetitiveness. Additionally, the RCEP Agreement also streamlines rules and disciplines that facilitate regional trade and investment which willresult in reduced transaction cost, and ultimately contribute to stronger andmore resilient supply chains./.
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RCEP Agreement enters into force for Philippines (Photo: asean.org) 
