World's largest trade deal nears full implementation after Philippines' move
Philippines has submitted ratification documents, says Beijing, meaning all 15 members have fully ratified trade pact
KARACHI, Pakistan
China on Wednesday said that the full implementation of the Regional Comprehensive Economic Partnership (RCEP) pact will help expand trade and investment between China and other member countries.
The Philippines deposited its instrument of ratification of the RCEP agreement to the secretary-general of ASEAN (Association of Southeast Asian Nations) on April 3, marking the final step towards the agreement's full implementation, China's Commerce Ministry said in a statement.
Under the RCEP rules, the mega trade deal will come into effect 60 days after the deposit of the ratification and therefore will enter into force for the Philippines on June 2, local English newspaper China Daily reported, citing the Ministry of Commerce.
This move indicates that the world's largest free trade agreement will come into full effect for all 15 signatory countries, the statement added.
China is the Philippines' largest trading partner, the top import source, and the third-largest export market. Under the RCEP rules, the Philippines will enjoy favorable tariff treatment for goods trade with China, including automobiles and parts, certain types of plastic products, textile and clothing products, and air conditioning and washing machines, the newspaper added.
In the service and investment sectors, the Philippines has committed to opening up over 100 service sectors and significantly opening up ocean shipping and air transport services, it added.
The full implementation of the RCEP pact will meet the demand for China's consumption expansion and upgrading, consolidate regional industrial and supply chains, and promote long-term prosperity and development of the global economy, the statement further said.
The RCEP, the world’s largest trade deal, came into force last year in January.
The deal was signed in November 2020 by ASEAN members and five non-ASEAN countries, including Japan, Australia, New Zealand, South Korea, and China.
It covers around 28% of international trade, nearly 30% of the world's population, over 30% of global gross domestic product (GDP), and close to 30% of global foreign direct investment (FDI).
