Philippines’ stance on RCEP

February 12, 2022

Philippines Senate has postponed the ratification of RCEP after Farmers and other civil society groups in the country took cue from India’s decision to stay out of RCEP.

Highlights

  • Philippines also expressed strong reservations against mega trade deal signed by Duterte government.
  • Decision to defer ratification was taken in the backdrop of strong opposition by group of farmers, civil society organisations, fishers and private sector in the Philippines.

Indian Foreign Minister’s visit to Manila

The Philippines took this decision ahead of the three-day visit of Indian Foreign Minister to Manila from February 13, 2022. The visit was scheduled after India and the Philippines signed a USD 374.96 million deal in January 2022. Under this deal. New Delhi will export BrahMos missiles to the ASEAN country.

Position Paper by FFF

Federation of Free Farmers (FFF) of the country issued a position paper and urged the country’s Senate to defer concurrence of free trade agreement due to a lack of consultation with farmers and other stakeholders. It also warned on proposed RCEP rules which “will hamper the effectiveness and application of trade remedies”.

Regional Comprehensive Economic Partnership (RCEP)

RCEP is a free trade agreement among Asia-Pacific nations of Australia, Brunei, China, Cambodia, Japan, Indonesia, Laos, South Korea, Myanmar, Malaysia, The Philippines, New Zealand, Thailand, Singapore, and Vietnam. 15 member countries of RCEP accounts for around 30% of world’s population and 30% of global GDP. Thus, RCEP is the largest trade bloc in history. It is the first free trade agreement involving largest economies of Asia, including China, Japan, Indonesia, and South Korea.

When was RCEP introduced?

RCEP was first introduced during 19th ASEAN Summit in Bali, Indonesia, in November 2011. Negotiations started in early 2013.

Is India a member of RCEP?

Originally, India was a member of the RCEP drafting committee in 2011. However, in 2019, it opted out of the agreement citing some concerns that were left unaddressed. One of the concerns being risk posed by imports to domestic industries.

Aim of RCEP

The free trade agreement is aimed at making products and services available to the ASEAN member states and FTA partners. It will also do away with the range of tariffs, with in 20 years.

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