RCEP will go into effect for all 15 member states after it goes into effect for the Philippines on June 2. The largest free trade zone in the world will enter a new phase of full implementation. China is reported to be the Philippines’ largest trading partner, its largest source of imports, and its third largest export market. After the entry into force of the RCEP, the Philippines will adopt a zero-tariff solution for goods such as automobiles and parts, certain plastic products, textiles and clothing, and air-conditioning and washing machines from China on the basis of the China-ASEAN Free Trade Area.
In the area of services and investment, the Philippines pledged to open the market to more than 100 service departments. More definite commitments will be made on entry of foreign investors in commerce, telecommunications, distribution, finance, agriculture and manufacturing sectors. After RCEP comes into full effect, trade and investment between China and RCEP member countries will increase, meet the demand for expanding consumption in China, strengthen regional industrial and supply chains, and enhance the long-term prosperity and development of the world economy.
(Credits- China Media Group, Beijing)
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