The Australian-New Zealand Chamber of Commerce Philippines (ANZCHAM), called for the Philippine Senate’s concurrence of the Regional Comprehensive Economic Partnership (RCEP) agreement in a statement released Friday, January 21, 2022.
“As an organization representing businesses with strong ties to countries that have already ratified the RCEP (Australia and New Zealand), we understand that the Philippines, especially its export industry severely hit by the pandemic, stands to miss out if this groundbreaking free trade agreement is not ratified. We urge the Senate to prioritize concurrence before the adjournment of the session in February,” said Daniel Alexander, President of ANZCHAM.
Mr. Alexander also stressed the importance of the trade agreement in strengthening investor confidence in the Philippines.
“The ratification of the RCEP will be instrumental to instilling foreign-investor confidence in the country, which will be badly needed to revive the economy,” he added.
The RCEP agreement is an economic treaty brokered by the Association of Southeast Asian Nations (ASEAN), of which the Philippines is a member, and its dialogue partners – Australia, China, Japan, New Zealand, and South Korea. It is estimated to be the largest trade bloc in the world, representing 30% of global GDP or USD 26.2-T.