Wednesday, March 29, 2023

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German Chamber praises RCEP ratification, cites economic benefits for Phl  

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The German-Philippine Chamber of Commerce and Industry Inc.  (GPCCI) welcomes the inclusion of the Philippines in the Regional Comprehensive Economic Partnership (RCEP) agreement as ratified by the Philippine Senate last February 21. 

“The inclusion of the Philippines in RCEP would allow the country to finally access economic benefits and will put us on equal footing with our neighbors in ASEAN region as well as Australia,  China, Japan, South Korea, and New Zealand.”, says GPCCI President Stefan Schmitz. 

RCEP is the world’s largest trading bloc representing 30% of the world’s global GDP and population. Signatory countries enjoy the importation and exportation of goods with minimal to no restrictions on quantity, tariffs, or import taxes. 

“We are confident that the Philippines’ entry into RCEP can finally complement the advantages  brought about by the economic reforms such as the amendments to the Retail Trade  Liberalization Act, Foreign Investments Act, and Public Service Act.” Says GPCCI Executive  Director Christopher Zimmer, “Furthermore, we are confident that RCEP shall further strengthen the Philippines’ position in the region, promote more investments, and improve market access.” 

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