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The Philippines implements RCEP, calls for SMEs to leverage FTA


After two years since the agreement, the Regional Comprehensive Economic Partnership (RCEP) has finally been implemented in the Philippines. The Department of Trade and Industry encourages local enterprises, especially small and medium-sized ones, to leverage the opportunities offered by the RCEP. The trade agreement allows Filipino SMEs to participate in the global value chain, trading with 14 other countries at lower or zero tariff rates. The Philippines is the last of the 15 RCEP members to adopt the free trade deal, amid concerns from the agricultural sector. However, an Executive Order maintains preferential tariffs on most agricultural products. Comprising 10 ASEAN countries and five FTA partners, RCEP is the world's largest free trade deal.

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