News » RCEP to take effect on January, PH rushes ratification

RCEP to take effect on January, PH rushes ratification

The Philippines hopes to ratify the Regional Comprehensive Economic Partnership (RCEP) within the month, as it was announced that the “mega-trade” deal will take effect in January 2022.

According to Department of Trade and Industry (DTI) Secretary Ramon Lopez, the Senate Foreign Relations Committee has already started its deliberations on the deal last week.

Lopez added that there will be another hearing and hopefully, “the RCEP can be presented and passed at the Senate plenary for ratification this November.”

President Rodrigo Duterte has already ratified the partnership deal last September before passing it to the Senate for concurrence.

The deal is expected to make trade easier for its member states. Other parties included in the RCEP are the members of the Association of Southeast Asian Nations (ASEAN) and its partner traders from Australia, Japan, South Korea, and New Zealand.

Lopez stated that non-participation in the trade deal may result in “the negative impact on growth, trade, investments, and jobs” in the Philippines.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.