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THE SENATE is working to ratify the Regional Complete Financial Partnership (RCEP) commerce settlement throughout the first quarter, Senate President Juan Miguel F. Zubiri stated.
“The RCEP ratification is a precedence of our Senate,” Mr. Zubiri stated in an ambush interview on the sidelines of a discussion board organized by the Division of Atmosphere and Pure Assets in Cagayan de Oro Metropolis on Feb. 4.
“Throughout the first quarter, kaya siya (ratification is feasible),” he added.
The Senate Committee on Overseas Relations is holding a listening to on the RCEP on Feb. 7 (Tuesday) which shall be attended by stakeholders. Mr. Zubiri stated there are plans to carry one other listening to for opposition teams.
“Finally, I’ll hopefully be capable of get 16 votes to ratify that. We want it,” he added.
Final month, the Commerce division pressed the Senate to ratify the RCEP earlier than end-March, saying the Philippines is lacking out on the commerce deal’s benefits.
Billed because the world’s largest free commerce settlement, the RCEP entered into drive for Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam on Jan. 1, 2022. South Korea, Malaysia and Indonesia have additionally ratified the RCEP.
“We’re the one non-signatory to this financial partnership,” Mr. Zubiri stated, warning that failure to ratify the deal will have an effect on commerce with different nations.
“If we get metal imports from China, they may cost us larger tariffs coming right here as a result of we aren’t part of the RCEP. After we need to export bananas and pineapple from say Bukidnon to Japan and Korea, they’ll take our merchandise however at a better tariff price,” he added.
The RCEP was ratified by Former President Rodrigo R. Duterte in September 2021, however the earlier Senate didn’t give its concurrence on account of considerations over the free commerce deal’s affect on the agriculture sector.
President Ferdinand R. Marcos, Jr., who concurrently serves because the Agriculture secretary, earlier urged the Senate to ratify the RCEP, in accordance with the Presidential Communications Office.
Mr. Zubiri assured the agriculture sector can be protected beneath the RCEP.
“It’s positively helpful for our nation to be part of RCEP… However beneath the RCEP, there’s a safety clause for the subsequent 10 years. In different phrases, there won’t be a free circulation of products for the subsequent 10 years for agriculture, simply to guard them (native sector),” Mr. Zubiri stated.
Agriculture stakeholders beforehand stated that the Philippines is unprepared to affix the RCEP, citing the dearth of chilly storages and irrigation services that may hamper the competitiveness of native farmers.
Mr. Zubiri stated there’s a 10-year safety clause beneath the RCEP, including that there’s sufficient time to modernize and improve the competitiveness of the native agriculture sector. — Revin Mikhael D. Ochave
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