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The RCEP will soon take full effect to boost global economic prosperity

April 13, 2023

The Regional Comprehensive Economic Partnership (RCEP) will take effect in the Philippines on June 2th, according to the Ministry of Commerce on April 12th. By then, the RCEP will be fully effective for 15 member countries, and the world's largest free trade area will enter a new stage of full implementation.

It is understood that our country is the largest trading partner, the largest source of import and the third largest export market of the Philippines. After the RCEP came into effect for the Philippines, in the field of trade in goods, on the basis of the China - Asean Free Trade area, the Philippines has added zero-tariff treatment for Chinese automobiles and parts, some plastic products, textiles and garments, air conditioners and washing machines, etc.

In the area of services and investment, the Philippines has committed to opening its markets to more than 100 service sectors, significantly opening maritime and air services, and giving foreign investors more definitive access commitments in the areas of commerce, telecommunications, distribution, finance, agriculture and manufacturing.

Today, trade with RCEP member countries accounts for 30.8 percent of China's total foreign trade, nearly one third of the total. The full entry into force of the RCEP will help expand the scale of trade and investment between China and RCEP member countries, meet the needs of expanding and upgrading domestic consumption, consolidate and strengthen regional industrial chain and supply chain, and promote long-term prosperity and development of the global economy.