The Philippines’s delayed participation in the Regional Comprehensive Economic Partnership (RCEP) may be sending a signal of “inconsistency” to foreign investors, according to a Department of Trade and Industry (DTI) official.
THE Philippines’s delayed participation in the Regional Comprehensive Economic Partnership may be sending a signal of “inconsistency” to foreign investors, according to a Department of Trade and Industry official.
Gepty underscored the importance of the regional trade pact: it is the largest free trade agreement in the world in terms of global trade, gross domestic product and even market. Meanwhile, the DTI official also noted that RCEP accounts to 50 percent of the global manufacturing output, 50 percent of global automotive products, and 70 percent of electronic products. He added that the main GVC [global value chain] hubs of RCEP are China, South Korea, and Japan.
The Committee on Foreign Relations will, after holding hearings, submit a recommendation to the plenary where interpellations will be done. There will be a technical working group to help identify issues, then concerned agencies will comment, “and then we will just follow up [on the next] hearing,” Gepty said.The Trade official said they recently met with concerned agencies and stakeholders to thresh out the issues and concerns of opposers to the ratification.
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