With the rapid development of China's economy, more and more countries are eager to take the economic express train of China, so an economic circle with China as the center came into being. Recently, China received another good news, and the Philippines passed an important resolution to formally join RCEP.
On January 1, 2022, RCEP came into effect. In the past year, RCEP has greatly deepened the economic connection between Asian economies, and released a large number of mechanism dividends for Asian countries in the case of the continued global economic downturn. As a behemoth, China's economic aggregate accounts for 60% of the RCEP region, but not only China's foreign trade industry benefits from RCEP, but also other member countries.
Regional Comprehensive Economic Partnership Agreement is a free trade agreement, which was first proposed in August 2012, covering ASEAN member countries and their partners, including Australia, China, Japan, South Korea and New Zealand. Since RCEP was reached on November 15th, 2020 after eight years of negotiations, the Philippines was the last signatory to ratify RCEP. The benefits of the Philippines' joining RCEP include zero tariff or lower import tariff on Philippine products that will enter its free trade partner countries; Purchasing raw materials extensively for Philippine manufacturers; A stable and predictable business environment; Integrating small and medium-sized enterprises (MSMEs) into global value chains; Allow Filipino professionals to engage in professional work in the RCEP field; Strengthen the protection of intellectual property rights; And get support from economic and technical cooperation to improve national competitiveness.
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