As the Senate decided to ratify the Regional Comprehensive Economic Partnership, an indication of the Philippines’ commitment to snare the opportunities by participating in the world’s biggest free trade agreement, no less than the European Chamber of Commerce Philippines expressed its optimism in this moved taken by the country.
In its statement sent to the media,the ECCP welcomes the ratification of RCEP as this poses significant opportunities in terms of export markets, investments, and jobs for Filipinos.
RCEP Membership will yield significant economic benefits for the Philippines. It will optimize the country’s participation to the global value chain. The ratification of RCEP also sends a positive message that the Philippines upholds and values a rules-based trading system. When implemented, it will enhance competition policy, intellectual property rights, investment, technical cooperation, public procurement, among others.