Metro Manila (CNN Philippines, February 22) — President Ferdinand Marcos Jr. on Wednesday expressed pride in the country’s “swift ratification” of the Regional Comprehensive Economic Partnership Agreement (RCEP).
This demonstrates the Philippines’ “commitment to openness and a thriving business environment,” Marcos tweeted.
The RCEP is a free trade pact among the 10 members of the Association of Southeast Asian Nations, and Australia, China, Japan, New Zealand, and South Korea.
It took effect after the Senate concurred with the ratification of the treaty on Tuesday, despite objection from over 100 groups.
EXPLAINER: What is RCEP? Will PH benefit from it?
Marcos said the Philippines becoming a part of the world’s largest free trade agreement holds “immense potential” for promoting economic growth and development across the Asia-Pacific region.The RCEP will also open the country to more opportunities, particularly in agriculture, manufacturing, and micro, small, and medium enterprises or MSMEs, the president added.According to his post, the Philippines will also benefit from zero or low tariffs on export products, and provide opportunities for skilled Filipino professionals and entrepreneurs.
