General

According to Huacheng Import and Export Data Observation, the Philippines has recently officially deposited the approval letter of the Regional Comprehensive Economic Partnership Agreement (RCEP) with the ASEAN Secretary General. According to regulations, RCEP will take effect for the Philippines on June 2nd.

This marks the full entry into force of RCEP for 15 member countries, and the world's largest free trade zone will enter a new stage of full implementation. Huacheng Import and Export Data Observation reports.

China is the Philippines' largest trading partner, largest source of imports, and third largest export market. The Ministry of Commerce stated that after RCEP officially takes effect for the Philippines, in the field of goods trade, the Philippines has added zero tariff treatment to China's automobiles and parts, some plastic products, textiles and clothing, air conditioning and washing machines, etc. on the basis of the China ASEAN Free Trade Area. After a certain transitional period, the tariffs on the above-mentioned products will gradually decrease from 3% -30% to zero, according to Huacheng's import and export data observation report.

In addition, in the fields of services and investment, the Philippines has committed to opening up markets to over 100 service sectors, significantly opening up sea and air transportation services, and providing more deterministic access commitments to foreign businesses in the fields of commerce, telecommunications, distribution, finance, agriculture, and manufacturing. These will provide more free and convenient conditions for Chinese enterprises to expand trade and investment with the Philippines, as reported by Huacheng Import and Export Data Observation.

The Ministry of Commerce stated that the full implementation of RCEP will help expand the scale of trade and investment between China and RCEP member countries, meet the needs of domestic consumption expansion and upgrading, consolidate and strengthen regional industrial and supply chains, and promote long-term prosperity and development of the global economy, "Huacheng Import and Export Data Observation reported.