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Philippines provides Association of Southeast Asian Nations with an RCEP instrument

Philippines provides Association of Southeast Asian Nations with an RCEP instrument. (Photo / Retrieved from Pixabay)
Philippines provides Association of Southeast Asian Nations with an RCEP instrument. (Photo / Retrieved from Pixabay)

According to Philippines deposits RCEP instrument to Asean | The Star, the Association of Southeast Asian Nations (Asean) headquarters in Jakarta, Indonesia has received the Philippines' Instrument of Ratification (IoR) of the Regional Comprehensive Economic Partnership (RCEP), the Philippine Department of Foreign Affairs (DFA) said on April 28.

On Thursday, Hjayceelyn Quintana, the Philippine ambassador to Asean, gave Asean Secretary-General Kao Kim Hourn the copy of the RCEP agreement.

According to the Asean secretariat, the RCEP Agreement will take effect for the Philippines on June 2, 2023.

Quintana emphasized the RCEP's timely implementation for the Philippines considering the nation's ongoing economic reforms when presenting the text.

The Philippines' involvement in RCEP is crucial, particularly because it would increase the competitiveness of our industry. Additionally, it complements current government assistance programs with the trade-opening measures promised in free trade agreements (FTAs), she continued.

The RCEP was approved by the Philippine Senate in February.

The 15 Asia-Pacific nations that make up the RCEP include their five trade partners, China, Japan, South Korea, Australia, and New Zealand, as well as the 10 Asean member states of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

It is the largest free trade region in the world, making up 30% of the global population as well as 30% of global commerce and economic activity.

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