The wonder is why we delayed so long to ratify the agreement, and why we needed a change of administrations to cross the river.
The chamber voted 20-1 to ratify the agreement; the nation and all branches of the government welcomed the decision.Largest trade bloc in historyThe RCEP is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand and Vietnam.
'The RCEP agreement will encourage foreign investments in the Philippines and allow greater participation in the areas of digital services, business process outsourcing industry, financial services, aerospace, shipbuilding, research and development, and many others,' the resolution stated.Then President Duterte acceded to the agreement on Nov. 15, 2020, but it needed the concurrence of the Senate for it to come into effect.
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