MANILA, Philippines — The Philippines is still targeting to complete the ratification process for the Regional Comprehensive Economic Partnership (RCEP) agreement within the year, the Department of Trade and Industry (DTI) said.
Trade assistant secretary Allan Gepty said in a text message the request for ratification is now with the Department of Foreign Affairs (DFA).
“It’s DFA who will submit to OP (Office of the President),” he said.
He said the government’s target is still to finish the whole ratification process this year.
After the President ratifies the RCEP, it would still need concurrence from the Senate.
RCEP, which covers about 30 percent of the world’s gross domestic product and population, was signed by members of the Association of Southeast Asian Nations such as the Philippines, Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam, as well as trade partners Australia, China, Japan, South Korea and New Zealand in November last year.
Apart from trade in goods and services, investment, and economic cooperation, the RCEP covers emerging trade areas such as intellectual property, e-commerce, government procurement and competition.
India, which was initially part of the talks, pulled out of the deal over concerns on the possible entry of lower priced goods that may hurt its local industries.
RCEP would only take effect 60 days after at least six ASEAN countries and three non-ASEAN members have completed the ratification procedures.
Among the countries that have deposited the document to the ASEAN to mark the completion of RCEP’s ratification are Singapore and China.
Earlier, Gepty said the country expects to benefit from the RCEP through improved market access for auto parts, electronics, aerospace, chemicals, construction, garments, furniture, agriculture products, and information technology - business process management.
The RCEP is also seen to complement the government’s efforts to position the Philippines as a manufacturing and services hub for the region.