Philippine senate ratifies RCEP trade agreement

Bold move: Australia Deputy Prime Minister Richard Marles (right) and Philippine Defence Secretary Carlito Galvez (left) inspect a guard of honour guard in Manila. Australia is part of the RCEP trade agreement that the Philippines says will enhance its market access. — AFP

MANILA: The Philippine Senate on Tuesday ratified the Regional Comprehensive Economic Partnership (RCEP) trade agreement, confirming that the Asean member has officially approved the pact.Paving the way for ratifying the world’s largest free trade area, representing 30% of the global gross domestic product (GDP), 20 senators voted for the agreement, while one abstained and another voted against it.

The RCEP, which came into effect on Jan 1, 2022, is a trade agreement involving Australia, China, Japan, South Korea, New Zealand and the 10 members of Asean – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.