Department of Trade and Industry (DTI) Secretary Ramon Lopez placed on the next congress his hopes for the ratification of the Regional Comprehensive Economic Partnership (RCEP) and the country’s participation in the RCEP.

The 18th Congress held its last session on June 1 with the Senate unable to concur on the RCEP.

“I can only hope for the early ratification in the next Congress. We leave this for the next administration and next Congress,” Lopez said.

Lopez stated that the incoming Marcos administration has the RCEP ratification on its priority agenda and the RCEP, which is a free trade agreement (FTA), has gained support from the next economic team.

Lopez stressed that joining the FTA would result in more opportunities for the Philippines—expanding its market, attracting more foreign investors, and developing its human resources.

Lopez said that foreign investors are keen on the Philippines’ participation in the RCEP as countries with trade deals offer broader sourcing for zero- to low-tariff raw materials and a wider market for exports.

Lopez also reiterated that any delay in ratification risks losing jobs for Filipinos, export markets, and new investments such as in agribusiness, export manufacturing, and services. According to Lopez, foreign investors shift to countries that already belong to the RCEP system. 

In 2020, RCEP was concluded by 15 participating countries after eight years of negotiations. 

Initiated by the Association of Southeast Asian Nations (ASEAN) together with its free trade partners, China, Japan, South Korea, Australia, and New Zealand, the FTA enables a participating country to reap benefits 60 days after it deposits its instrument of ratification.

President Rodrigo Duterte signed the RCEP in September 2021. The Senate’s hearing for RCEP concurrence started last year.

Photo Credit: Facebook/SenatePH