RCEP Comes into Force in the Philippines

In a significant milestone for the Philippines, the Regional Comprehensive Economic Partnership (RCEP) officially took effect on June 2, 2023. This historic trade agreement opens a gateway of opportunities for businesses and investors within the country, paving the way for economic growth and prosperity.

We explore the implications of the RCEP’s implementation in the country.

On June 2, 2023, the Philippines officially saw the Regional Comprehensive Economic Partnership (RCEP) come into effect, marking the culmination of over two years since the participating countries concluded the free trade agreement (hereinafter referred to as the “Agreement”) in November 2020.

The Department of Trade and Industry (DTI), which played a key role in the RCEP negotiations, has called on Philippine enterprises to capitalize on the opportunities…