Regional Comprehensive Economic Partnership (ASEAN+6)
Several agricultural groups reiterated their opposition to the ratification of the Philippine participation in the Regional Comprehensive Economic Partnership (RCEP) saying it could hurt local farmers.
President Ferdinand R. Marcos, Jr.’s declaration of support for the Regional Comprehensive Economic Partnership (RCEP) is premature pending the resolution of the agriculture industry remaining unresolved, a think tank said.
The trade ties between Indonesia, which became the latest member to join the Regional Comprehensive Economic Partnership (RCEP), and Cambodia are expected to go up, but the textile sector in both countries is unlikely to benefit from the agreement, according to some experts.
Hong Kong may join the Regional Comprehensive Economic Partnership trade agreement in the coming summer at the earliest. RCEP has started coordinating negotiations on Hong Kong’s application.
President Ferdinand Bongbong Marcos Jr. made a pitch for a free trade agreement between the Philippines and the European Union to shore up economic recovery following the onslaught of the COVID-19 pandemic.
A ‘non-aligned’ foreign policy is key, as is Asean’s preference for dialogue and cooperation over the intense rivalry of the great powers.
Hong Kong expects to be joining the RCEP as the administration sets to discuss its inclusion with all 15 RCEP members next year. Economic analysts see the presence of Hong Kong in the free-trade bloc as a boost to the ASEAN economy.
While government officials have said that FTAs are important to attract investors to the country, some civil society organisations voiced concerns at the forum that the deals did not appear to be of any benefit to smallholder farmers.
President Ferdinand “Bongbong” Marcos Jr. is yet to make a decision on the ratification of the RCEP as he wants to ensure the trade agreement will not be detrimental to local industries.
The Bangladesh Trade and Tariff Commission (BTTC) is conducting further studies on possible outcomes of the country joining the world’s largest China-led trade deal, Regional Comprehensive Economic Partnership (RCEP).
Indonesian President Joko Widodo or Jokowi, officially ratified the RCEP, a regional free trade agreement involving 10 ASEAN countries and five partner countries, which are Australia, New Zealand, China, Japan, and South Korea.
The Civil Society Coalition for Economic Justice condemned the plenary session of the Indonesian House of Representatives which ratified the Regional Comprehensive Economic Partnership and the Indonesia-Korea CEPA agreement.
Indonesia’s parliament passed a law cementing the country’s membership of the China-backed Regional Comprehensive Economic Partnership (RCEP), making it the latest Southeast Asian nation to join the world’s biggest trade bloc.
China will implement a negative list for cross-border trade in services, expand opening-up in the services sector and bolster digital trade to shore up economic growth, said government officials.
The National Economic and Development Authority (NEDA) is pushing for the immediate ratification of the RCEP agreement to send a clear signal that the country is open to investments that will help generate more jobs.
An inter-ministerial meeting agreed that the county will join the RCEP. Bangladesh may send a formal letter expressing interest to join the trade bloc if there is political agreement within the country.
Indonesia Trade Minister discussed the bill of the Ratification of the RCEP and the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) with the House of Representatives (DPR RI).
President-elect Marcos’ has expressed uncertainty about the RCEP and suggesting that the government might need "to take another look at it."
Except for India and the US, all other nations in IPEF are part of the RCEP rival bloc. India’s aversion to a pact which includes China has geopolitical considerations at its root.
The current Senate should defer further action on RCEP. President-elect Bongbong Marcos and the incoming Congress can then review the agreement and craft the country’s trade policy, consistent with an overall plan for the revitalization and competitiveness of Philippine agriculture.