City
Epaper

Philippines approves tariff commitments under RCEP

By IANS | Published: April 20, 2023 3:09 PM

Manila, April 20 The Philippines on Thursday approved the executive order operationalising the country's tariff commitments under the ...

Open in App

Manila, April 20 The Philippines on Thursday approved the executive order operationalising the country's tariff commitments under the Regional Comprehensive Economic Partnership (RCEP) Agreement.

National Economic and Development Authority (NEDA) Secretary said the NEDA Board, chaired by President Ferdinand Marcos, also tasked government agencies to conduct a nationwide campaign on how the country can take full advantage of RCEP, reports Xinhua news agency.

Marcos instructed agencies to "make it very clear" to the people RCEP's benefits to the country's agriculture sector and how it affects agriculture businesses and operations.

Trade Secretary Alfredo Pascual described RCEP as a "modern, comprehensive, high quality and mutually beneficial economic partnership agreement which provides opportunities for market access on trade, services, and investments".

"The agreement also establishes clear, stable, and predictable rules on trade and investments in our region, which makes it more convenient and competitive for Philippine businesses and stores to be integrated into the global economy," Pascual said.

Pascual said the executive order is proposed to be effective on June 2, to coincide with the end of the 60 days "after the deposit of the instrument of ratification".

Ratified by the Philippine Senate on February 21, the RCEP is a massive free trade agreement involving Australia, China, Japan, South Korea, New Zealand, and the 10 members of the Association of Southeast Asian Nations (ASEAN).

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: PhilippinesFerdinand MarcosManilaRegional Comprehensive Economic PartnershipKm maniPort city economic commissionNational economic and development authorityRcepFilipina
Open in App

Related Stories

InternationalEarthquake in Philippines: Quake of Magnitude 6.0 on Richter Scale Strikes Mindanao

InternationalPhilippines, World Bank sign $600 loan agreement

InternationalIsrael's tourism up in first half of 2023

InternationalTaiwan announces visa-free entry for Philippines nationals until July 2024

BusinessADB approves USD 50 mln loan to improve Nepal's overall trade infra

Politics Realted Stories

NationalLok Sabha Election 2024: AAP Launches ‘Washing Machine Ka Kaala Jaadu’ Campaign

PoliticsRahul Gandhi in Raebareli: Congress MP Breaks Silence on his Marriage; This What He Said (Watch Video)

PoliticsMaharashtra Lok Sabha Election 2024: Actor Mohan Agashe Casts Vote in Pune, Shares a Special Message for Voters

PoliticsAndhra Pradesh Shocker: YSRCP MLA Annabathuni Sivakumar Slaps Voter at Polling Booth, Triggers Retaliation and Violence (Watch Video)

InternationalUpendra Yadav Resigns: Nepal Health Minister Quits From Prime Minister Pushpa Kamal Dahal Cabinet