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Manila Bulletin devider Philippines devider National devider Pimentel seeks Senate ratification of regional economic partnership agreement

Pimentel seeks Senate ratification of regional economic partnership agreement

Published Dec 16, 2021 09:52 am

Senator Aquilino “Koko” Pimentel 11I has sponsored Senate Resolution (SR) 963 or a resolution concurring in the ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP).

Dubbed as the largest foreign trade agreement (FTA) in the world, Pimentel said concurrence by the Senate to the ratification of RCEP that would allow the country to expand the country’s economic alliance.

Pimentel, chairman of the Senate Foreign Relations committee, said the committee heard all the stakeholders’ positions and arguments showing clearly that the RCEP agreement could spur the country’s economic development

“With our concurrence on RCEP, we hope to expand the country alliances and deepen economic partnership with key trading partners. This is an opportune time for the Philippines. Let us work together towards this direction,” he explained.

RCEP is an agreement between the 10-member states of the Association of Southeast Asian Nations (ASEAN) and its five FTA partners namely Australia, China, Japan, New Zealand and the Republic of Korea.

The 1987 Philippine Constitution, Article VII, Section 21 states: “No treaty or international agreement shall be valid and effective unless concurred in by at least two-thirds of all the Members of the Senate.

‘The RCEP Agreement was adopted on November 15, 2020 on the occasion of the 4th RCEP Leaders’ Summit via video conference.

The RCEP Agreement aims to: (i) establish a modern, comprehensive, high-quality and mutually beneficial economic partnership framework; (ii) liberalize and facilitate trade in goods through the progressive elimination of tariff and non-tariff barriers; (iii) progressively liberalize trade in services to achieve substantial elimination of restrictions and discriminatory measures; and (iv) create a liberal, facilitative and competitive investment environment In the region.

The RCEP Agreement builds upon existing economic linkages among the Contracting Parties to further broaden and deepen economic integration in the region, strengthen economic growth, promote equitable economic development, and establish clear and mutually advantageous rules to facilitate trade and investment, including participation in regional and global supply chains.

President Duterte ratified the Agreement on September 2, 2021 and has accordingly submitted it to the Senate for concurrence, in accordance with the 1987 Philippine Constitution.

In the hearings conducted by the Senate Committee on Foreign Relations on 29 October 2021, 5 November 2021 and 3 December 2021, the following government agencies endorsed the concurrence to the ratification of the RCEP Agreement: 1. Department of Foreign Affairs 2. Department of Trade and Industry 3. Department of Agriculture 4. Department of Justice 5. Department of Finance 6. Department of Budget and Management 7. Department of Information and Communications Technology 8. Department of Environment and Natural Resources 9. Department of Labor and Employment 10. Department of Energy 11. Department of Health 12. Bangko Sentral ng Pilipinas 13. National Economic and Development Authority 14. Philippine Competition Commission 15. Insurance Commission 16. Bureau of Customs 17. Securities and Exchange Commission 18. Philippine Institute for Development Studies.

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