RCEP Seen to Boost PH Economy

With the formation of the Regional Comprehensive Economic Partnership (RCEP) among members of the Association of Southeast Asian Nations (Asean), the Philippine economy is seen to have a boost as the agreement will open more opportunities for business and trade.

RCEP is a bloc and a free trade agreement that includes the Philippines, Singapore, Indonesia, Cambodia, Thailand, Vietnam, Laos, Myanmar, Brunei and other trading partners namely Japan, China, South Korea, Australia and New Zealand, which will create efficient import and export activities. Aside from trade, RCEP is also expected to strengthen foreign relations.

RCEP is a strategic platform that will definitely improve the trade relations between members, especially in the Southeast Asia region as it will provide enhanced market on automotive parts, garments, food and other essential products.

Meanwhile, the mentioned members accounted about 2.2 billion consumers on global economy.

In the Philippines, the Department of Trade and Industry (DTI) said that RCEP considered a 61% import on Philippine resources and a 50% export market. It was also known that an 11.4% foreign direct investment entered the country 2 years ago.

“RCEP will bring job opportunities for the Filipinos in the country as it facilitates inclusive and open regional economic policies, especially for micro, small and medium-sized enterprises,” said DTI Secretary Ramon Lopez.

Lopez signed the agreement timely during the 37th Asean summit, along with representatives from different nations. (MLC)