BANGKOK, Thailand — The Department of Trade and Industry (DTI) over the weekend said it is optimistic that the Philippine Senate would ratify the Regional Comprehensive Economic Partnership (RCEP) by December.
by 10.47%, and bring the real gross domestic product up by 2.02%.
The FTA was first floated in August 2012, among members of the Association of Southeast Asian Nations and its partners Australia, China, Japan, South Korea, and New Zealand. urged the Senate to ratify the trade dealThis comes as RCEP would cover 50% of the global manufacturing output, 50% of the global automotive output, 70% of electronics, and 26% of the global value chain on trade volume.
It would also cover 60% GVC for electrical or machinery, petroleum or chemicals, textiles or apparel, metal, and transport equipment; and 35% of the contribution to global exports of electronics and machineries. “We have already lost 10 months of [our] ability to compete on [an] equal footing with our ASEAN and Asian partners already in RCEP in attracting foreign investments as they capitalize on the shift by a number of MNCs to seek alternative locations for their manufacturing sites,” the MAP said.—LBG, GMA Integrated News
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