MANILA, Feb. 21 (Xinhua) -- The Philippine Senate on Tuesday ratified the Regional Comprehensive Economic Partnership (RCEP) trade agreement, meaning the ASEAN member has officially approved the pact.
Twenty senators voted for the agreement, paving the way for ratifying the world's largest free trade area representing 30 percent of the global gross domestic product (GDP). One senator abstained, and one voted against it.
The RCEP, which entered into force on Jan. 1, 2022, is a trade agreement involving Australia, China, Japan, South Korea, New Zealand, and the 10 members of the Association of Southeast Asian Nations -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
National Economic and Development Authority Secretary Arsenio Balisacan said the RCEP is a "vehicle that will drive the Philippine economy's sustained growth through regional and global trade as well as greater investment in strategic sectors."
"Being part of the RCEP will further enhance our market access, placing us at par with other RCEP-participating countries and the world's largest economies, such as China, Japan, and South Korea, among others," he added.
Balisacan said joining the RCEP will enhance the Philippines' market access for key agri-based exports, as partner countries agreed to lower tariff rates on Philippine exports.
Philippine officials said the RCEP covers roughly 50.4 percent of the Philippines' export markets, 67.3 percent of the country's import sources, and 58 percent of foreign direct investment. ■