Senate President Pro Tempore Loren Legarda has expressed her confidence that the Senate-ratified Regional Comprehensive Economic Partnership (RCEP) would help expedite the country’s pandemic recovery.
Legarda cited the recognition by the Asian Development Bank (ADB) of the value of RCEP in boosting pandemic recovery stating, “The signing of the RCEP among 15 members provides crucial momentum to redouble their strong commitment to pursuing free trade and expanding open and inclusive trade and investment regimes to enhance economic recovery beyond the Covid-19 pandemic.”
Amid the perception that the ratification was hastened, Legarda assured the vulnerable sectors that their pleas were heard and considered in the country’s commitments as outlined in the Senate Resolution concurring the ratification of RCEP.
Addressing the vulnerable sectors in agriculture and the Micro, Small, Medium Entrerprises (MSMEs), Legarda said: “The agreement is 510 pages of technical language on international trade. It is frankly difficult to read while imagining the impact it will have on our palengke (market) or on the fisherfolk bringing home their catch or on the farmer.’’
’Nais ko pong ipaabot sa inyo na pinag-aaralan ko nang masusi ang inyong mga sinabi (I wish to inform you that I have seriously studied your positions). Inaanyayahan ko po kayong tingnan ang ating resolusyon at hanapin doon ang mga nabanggit na ninyo (I am inviting you to look at the resolution and find there what I am telling you),’’ she added.
Also touching on the assurance of environmental protection under RCEP, she emphasized the reaffirmation of RCEP of the rights and responsibilities under the Convention on Biological Diversity.
The Convention on Biological Diversity, which was adopted at Rio, is a pact among the vast majority of the world's governments to make sure that as the world continues to develop, the diverse biological resources we need to sustain life on Earth are not used up. This balance is called Sustainable Development.
Legarda stressed these during a press briefing she held along with Senate President Juan Miguel Zubiri and Department of Trade and Industry (DTI) Secretary Alfredo Pascal and Assistant Secretary Allan Gepty, and explained why there is a need for the Senate to ratify RCEP.
After a press conference,, the Senate resolution concurring with the country’s ratification of RCEP was signed by Zubiri.
The copy of the signed resolution will be transmitted to Malacañang for the President’s signature.