KARACHI – China yesterday said that the full implementation of the Regional Comprehensive Economic Partnership (RCEP) deal will help expand trade and investment between itself and other member countries.
The Philippines deposited its instrument of ratification for the RCEP agreement to the Asean secretary-general on April 3, marking the final step towards the agreement’s full implementation, China’s Commerce Ministry said in a statement, reported Anadolu Agency.
Under the RCEP rules, the mega-trade deal will come into effect 60 days after the deposit of the ratification and therefore will enter into force for the Philippines on June 2, local English newspaper China Daily reported, citing the Commerce Ministry.
This move indicates that the world’s largest free trade agreement will come into full effect for all 15 signatory countries, the statement added.
China is the Philippines’ largest trading partner, top import source, and third-largest export market. Under the RCEP rules, the archipelagic nation will enjoy favourable tariff treatment for trade with China, including for automobiles and parts; certain types of plastic products; textile and clothing products; air conditioning; and washing machines, the paper added.
In the service and investment sectors, the Philippines has committed to opening up over 100 service sectors and significantly opening up ocean shipping and air transport services, it added.
The full implementation of the RCEP will meet the demand for China’s consumption expansion and upgrading; consolidate regional industrial and supply chains; and promote long-term prosperity and development of the global economy, the statement further said.
The RCEP, the world’s largest trade deal, came into force in January last year.
It was signed in November 2020 by Asean members and five non-Asean countries, including Japan, Australia, New Zealand, South Korea, and China.
It covers around 28% of international trade, nearly 30%of the world’s population, over 30% of global gross domestic product, and close to 30% of global foreign direct investment. – Bernama, April 13, 2023
