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Philippines to implement RCEP free trade agreement on June 2


The Philippines is set to benefit from the Regional Comprehensive Economic Partnership (RCEP) agreement, as it enters into force on June 2. The country's Department of Trade and Industry (DTI) Secretary Alfredo Pascual announced that tariff commitments under the RCEP will be implemented in the country 60 days after the government deposited the instrument of ratification with the ASEAN Secretary General on April 3. Pascual presented the executive order (EO) that would operationalize the implementation of the country’s tariff commitments under the RCEP agreement to the National Economic and Development Authority (NEDA) Board. The EO will maintain the current preferential tariffs of 98.1% of the 1,718 agricultural tariff lines and 82.7% of the 8,102 industrial tariff lines.

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