According to news from the Ministry of Commerce of China on the 12th, the Philippines has formally deposited the ratification letter of the Regional Comprehensive Economic Partnership Agreement (RCEP) with the Secretary-General of ASEAN. According to regulations, RCEP will come into effect for the Philippines on June 2.
This marks that RCEP will take full effect for the 15 member countries, and the world's largest free trade zone will enter a new stage of full implementation.
China is the Philippines' largest trading partner, largest source of imports and third largest export market. According to the Ministry of Commerce, after RCEP comes into effect for the Philippines, in the field of trade in goods, the Philippines will add zero-tariff treatment to Chinese automobiles and parts, some plastic products, textiles and clothing, air-conditioning washing machines, etc. on the basis of the China-ASEAN Free Trade Area. After a certain transition period, the tariffs on the above products will be gradually reduced from 3%-30% to zero.
In addition, in the field of services and investment, the Philippines has promised to open the market to more than 100 service sectors, significantly opening up shipping and air transportation services, and also giving foreign companies more certainty in the fields of commerce, telecommunications, distribution, finance, agriculture and manufacturing. into the commitment. These will provide more free and convenient conditions for Chinese enterprises to expand trade and investment exchanges with the Philippines.
According to the Ministry of Commerce, the full entry into force of RCEP will help expand the scale of trade and investment between China and RCEP member countries, meet the needs of domestic consumption expansion and upgrading, consolidate and strengthen the regional industrial chain supply chain, and promote the long-term prosperity and development of the global economy.