The National Legislative Assembly of the Philippines endorsed the Economic Partnership Agreement.
Foreign news agencies reported from Manila. Philippines on February 26 that the Philippine Congress ratified to the Regional Economic Partnership Agreement (RCEP) this week, the Philippine Ministry of Economy hopes that will help increase the convenience of importing agricultural products to alleviate the inflation crisis which the current situation is still a statistic highest in 14 years
RCEPxo walletcurrently has 15 members, comprising 10 members of the Association of Southeast Asian Nations (ASEAN), and five dialogue partners: China, Japan, South Korea, Australia and New Zealand.
RCEP is the largest free trade agreement (FTA) in the world. Because the GDP of RCEP members is accounted for one third of the world with an estimated value of US $ 26.2 trillion (about a trillion baht), covering 2,200 million people, or one third of the world's population. It is also the first FTA in history to be signed by China, Japan and South Korea from the beginning.
The RCEP came into force on January 1, 2022, after at least six ASEAN members and at least three dialogue partners had ratified the terms of the agreement. That is, by the beginning of Nov. 2021
