The Regional Comprehensive Economic Partnership (RCEP) Agreement, also known as RCEP, took effect in the country on June 2, 2023.  This is major economic news that will impact almost all sectors of trade and industry. Surprisingly, many Filipinos are still unaware what RCEP is. Ask your seatmates now if they know about RCEP, and there’s a big chance that the answer will be no. According to the Department of Trade and Industry (DTI), RCEP is an “agreement to broaden and deepen ASEAN’s engagement with Australia, China, Japan, Korea, and New Zealand. Together, these RCEP participating countries account for about 30 percent of the global GDP and 30 percent of the world population.” For quite some time, our country’s economic managers have touted RCEP’s multitude of benefits.  They state that the objective of RCEP is to “establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment, and contribute to global economic growth and development.” In short, it will bring about market and employment opportunities to businesses and people in the region. For National Economic and Development Authority (NEDA) chief Arsenio Balisacan, he considers RCEP as a “major game changer” for the Philippine economy, because it would give us “access to a much bigger market.” “We have so much potential for processed products, for example, processed agricultural products. Filipinos as the only market will not bring you anywhere or will not bring you far. You need to have a much bigger market for these products,” Balisacan said. “RCEP provides that kind of framework. In fact, in the negotiation that we had with China and the other member countries, we got a good deal.” RCEP is more than just opening new and bigger markets for the Philippines. In fact, the NEDA chief said that it “signals to the world (our) readiness to do business, and (demonstrates) the country’s respect for trade, customs, labor rules, and conformity with global practices.” Under RCEP, the country would have to conform to international standards once it starts shipping its products, particularly agricultural produce, overseas. It could be recalled that earlier this year, the President called for the congressional ratification of the country’s participation in RCEP, despite some concerns that will negatively impact the local agriculture sector. One concern is the potential unequal competition that may arise from liberalized trade. Domestic industries, especially small and medium-sized enterprises, could face intense competition from more established companies within the region. This could lead to job losses and income inequality, posing challenges for the Philippine economy. Critics also say that the agriculture sector, which employs a significant portion of the population, may also be vulnerable due to increased competition from cheaper agricultural products imported from RCEP member countries. Considering the pros and cons of RCEP, it would be detrimental for the country to be “isolated” in world trade, but this is where the government must be proactive. It is now imperative to invest in infrastructure, modernize agriculture, and enhance R&D in all sectors.  RCEP must be well understood by stakeholders as not a “threat” but a “leverage” that we can use to compete on the world stage. After all, there is no going back to the dark ages when it comes to trade; we only have to move forward and overcome all the obstacles.