DTI chief optimistic on Senate’s concurrence to RCEP agreement

The Department of Trade and Industry is optimistic about the Senate’s concurrence to the ratification of the Regional Comprehensive Economic Partnership agreement, following the sponsorship by Senate President Juan Miguel Zubiri and president pro tempore Senator Loren Legarda.

Trade Secretary Alfredo Pascual assured farmers that the trade partnership would not leave agricultural stakeholders behind as measures to protect sensitive commodities, such as rice and corn, would remain in place.

“We have spent a number of sessions with farmer groups to discuss their concerns and explain to them that many of our farm products are not covered by the tariff liberalization under RCEP. We have an existing free trade agreement with the ASEAN countries and those tariffs will be respected,” he said.

Zubiri underscored the objective of RCEP, which is “establishing clear, stable and predictable rules in doing trade and investments in the region so that it will be more convenient and competitive for our businesses and investors.”

He said the Philippines could not afford to isolate itself from the rest of the world, and various trade associations and international bodies and organizations recognized the value and importance of RCEP.

“It provides a stable platform so that countries in the region can optimize their participation in the global economy or, more specifically, the global value chain,” he said.

The Philippines is the only country in ASEAN that is yet to ratify the agreement.

“While various countries, such as Thailand, Cambodia and Malaysia have reported gains in RCEP, the Philippines is put at a disadvantage and missing out on a lot of opportunities,” Zubiri said.

Pascual said the DTI agreed with the proposal of Senate leaders to set up an oversight committee on RCEP implementation to ensure that appropriate assistance programs for local stakeholders, especially the agriculture sector, are provided.

“RCEP will greatly complement the country’s national policies and programs in agriculture, MSMEs, services, e-commerce, intellectual property, competition, and sustainable development. These, in turn, will facilitate the entry of more foreign investments that will aid in employment generation,” he said.

Various business and industry organizations expressed support for the ratification of RCEP as they expect the agreement to bring in more business and employment opportunities in the Philippines.