The Senate on Wednesday moved to fast-track ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP), with the chamber’s two top leaders strongly endorsing it on the floor. Know more:
THE Senate on Wednesday moved to fast-track ratification of the Regional Comprehensive Economic Partnership Agreement , with the chamber’s two top leaders strongly endorsing it on the floor.
In a span of eight years, serious RCEP negotiations were spearheaded by the Department of Trade and Industry, bearing the patronage of consulted sectors, Legarda noted. The senator added: “RCEP’s rich historical antecedents and claims on its benefits, on the other hand, begs the question, Why not?” ■ Based on 2020 data, the RCEP free trade area accounts for 29 percent of the world’s trade, 29 percent of world’s GDP, 33 percent of global inward Foreign Direct Investments , 47 percent of global outward FDI, and 2.3 billion population . Can we afford to dismiss the opportunities offered by this regional market?
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