The Department of Labor and Employment on Monday welcomed the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement.
Assistant Secretary Dominique Tutay said the signing means more employment.
"We are happy that RCEP has already been signed yesterday," she said in an online forum.
"It means more employment because we will be opening our doors to other trading partners," added Tutay.
She said RCEP is one of the biggest trade agreement that the country have entered into.
"It is eight years in the making and it was finally signed yesterday," said Tutay.
"Our commitment in the RCEP...when it comes to movement of natural persons is more on intra-corporate transferring and business visitors because we opened that up for them to see that it is a good climate to invest here in the Philippines," she added.
"That would mean more investment in the country and more jobs also for our people," Tutay said.
Department of Trade and Industry (DTI) Secretary Ramon M. Lopez joined the Trade Ministers from the Member States of the Association of Southeast Asian Nations (ASEAN) and its five trade partners—Australia, China, Japan, Korea, and New Zealand—in signing the RCEP Agreement on November 15, 2020 during the 4th RCEP Leaders’ Summit held via video conference.
In a statement, Sec. Lopez said the signing of the RCEP Agreement is not only a milestone for ASEAN but a welcome development for the Philippines as the agreement is in line with the country’s initiatives and reforms in building a more robust and conducive investment and business environment, especially as the country addresses the impact of the COVID-19 pandemic and works towards its recovery.
“The RCEP will further broaden the Philippines’ economic engagements with its trading partners through improved trade and investment, enhanced transparency, integrated regional supply chains, and strengthened economic cooperation,” he said.
“This agreement will also complement ongoing programs and policies to make the country a manufacturing and investment hub in the region,” added Lopez.
According to DTI, the RCEP Agreement, which was launched in 2012, is a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement as it includes not only the usual areas of trade in goods and services, investment, and economic cooperation, but also emerging trade areas such as intellectual property, electronic commerce, government procurement, and competition.
DTI said a chapter dedicated to support Micro, Small, and Medium Enterprises (MSME) development is also a key feature of the RCEP Agreement, and is expected to facilitate the integration of MSMEs into the global value chain.