The Philippines has deposited its instrument of ratification of the Regional Comprehensive Economic Partnership (RCEP) to the Association of Southeast Asian Nations (ASEAN) in Indonesia. Philippine Permanent Representative to ASEAN Hjayceelyn Quintana handed over the instrument to ASEAN Secretary-General Kao Kim Hourn on April 27, which was the final step to put the agreement into effect.
The agreement will enter into force in the country on June 2, the Philippine Permanent Mission to the ASEAN said. “Philippine participation in RCEP is important especially as it will make our industries more competitive, and it also complements existing government support programs with the measures committed in the FTA (free trade agreement) to open up trade,” Quintina said during the delivery of the document.
RCEP negotiations were formally launched by ASEAN and its six FTA partners— Australia, China, India, Japan, South Korea, and New Zealand— in Cambodia in November 2012 and signed in 2020. The Philippine Senate ratified the deal in February 2023, making the country the last signatory aside from Myanmar to complete the agreement.
Source: pna.gov.ph