Wednesday, March 29, 2023

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British Chamber lauds RCEP ratification, sees growth in global trade and economy for Phl

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By Alithea De Jesus

With the Senate of the Philippines stepping into the ratification of the Regional Comprehensive Economic Partnership (RCEP) through Senate Resolution No. 485, the British Chamber warmly welcomes the ratification of RCEP, the largest trading agreement and sees massive opportunities for the Philippines.

“The British Chamber sees this as a further boost to the increasing trade and investment between the Philippines and the UK,” said Executive Director and Trustee Chris Nelson said in an interview.

Nelson also mentioned that the Philippines — being a member of the RCEP, investors will continue the momentum of doing business in other parts of Asia. It is also a great opportunity to further liberalise the economy beyond the ASEAN Member States that include Japan, New Zealand, China, South Korea and Australia. 

The British Chamber has been consistent in lobbying for its ratification. In fact, the ratification of RCEP is part of the British Chamber’s 2023 wishlist. It then signifies the increase in foreign direct investments, trade and overall economic growth. 

The ratification will also help the recovery of the Philippine economy. This largest trading bloc will help the country “an investment destination”, not only within the region but also with UK-PH trade relations. 

Furthermore, as the Chamber continues to promote trade and investment opportunities — there will be an upcoming Great British Festival in BGC, Taguig on March 25 and 26. ###

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