The Regional Comprehensive Economic Partnership (RCEP) free trade agreement (FTA) will benefit participating countries but the Philippines must temper its expectations as the country and other economies in Southeast Asia are already benefiting from existing FTAs, analysts said. “RCEP is touted to boost global trade but we also need to temper expectations given that the Philippines and the rest of Asean are currently already benefiting from existing free trade agreements and low tariff regimes with most members of RCEP,” added Mapa. The Department of Trade and Industry (DTI) claimed that once implemented, the RCEP agreement will improve export competitiveness of the Philippines’ key products of interests, such as agricultural products, automotive parts and garments. “Under the RCEP Agreement, Filipino authors, artists, composers and performers can now expect that their works can be protected and enforced under the same standards in the entire region. “Equally important is the affirmation in the RCEP agreement of the right to use the flexibilities under TRIPS to address or protect public health concerns, such as compulsory licensing of patented drugs and medicines.

Source: Manila Times November 22, 2020 16:30 UTC