Manila, February 21 The Senate of the Philippine Congress officially approved the Regional Comprehensive Economic Partnership Agreement (RCEP) on the evening of the 21st, clearing the last domestic obstacle for the Philippines to join the world’s largest free trade zone .
The Philippine Senate formally approved the RCEP approval document with 20 votes in favor, one abstention, and one against. The Philippines will then submit the instrument of ratification to the Secretariat of the Association of Southeast Asian Nations. RCEP will officially take effect for the Philippines 60 days after the approval letter is submitted.
Arsenio Balisakan, director of the Philippine National Economic and Development Bureau, said that joining RCEP will help the Philippines integrate into the global supply chain, expand market access, and promote the Philippine economy through regional and global trade and increased investment in strategic sectors. Continued growth.
The Regional Comprehensive Economic Partnership Agreement will come into effect on January 1, 2022, and is the largest free trade agreement in the world.