The Senate concurred voting 20-1-1 on the ratification of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest Free Trade Agreement (FTA) by far among Asia-Pacific nations, on 21 February 2023. The RCEP is a Free Trade Agreement (FTA) that aims to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership framework to liberalize and facilitate trade in goods and services. It will also create a liberal, facilitative, and competitive regional investment. Economists supported this, particularly the National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, who is optimistic that this FTA will fuel the Philippines’ economic growth.
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