VOTING 20-1-1, the Senate on Tuesday rarified the Regional Comprehensive Economic Partnership (RCEP). The senators passed on third and final reading Senate Resolution 485 ratifying the mega free trade agreement (FTA).
The senators passed on third and final reading Senate Resolution 485 ratifying the mega free trade agreement .RCEP is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.Senate President Juan Miguel 'Migz' Zubiri had voiced confidence that he can secure two-thirds or 16 votes to secure the ratification of RCEP.
Legarda has assured that an oversight committee would be created to address the issues on micro, small and medium enterprises, science and technology, agriculture, trade and industry and other sectors.She said resolutory clauses were included and made part of the concurring resolution to the RCEP agreement.On the issue of determining the losers and winners from RCEP, Legarda said this would depend on the utilization of the parties.
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