Kuala lumpur: President Ferdinand R. Marcos Jr. has urged for the enhanced implementation of the Regional Comprehensive Economic Partnership (RCEP) to strengthen regional integration amidst escalating economic and trade uncertainties. In his address at the 5th RCEP Summit in Kuala Lumpur, Malaysia, Marcos emphasized the importance of advancing the accession process promptly.

According to Philippines News Agency, Marcos highlighted that the early expansion of RCEP would not only enhance regional integration and supply chain resilience but also reinforce ASEAN’s crucial role in shaping the region’s economic future. He asserted that by bolstering RCEP, the region can drive prosperity and inclusivity, maintaining its significance in the global economy.

The RCEP agreement became effective for several countries, including Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, Vietnam, South Korea, Malaysia, Indonesia, and the Philippines between 2022 and 2023. Although India withdrew from negotiations in November 2019, the declaration by participating countries allows India to commence accession negotiations at any point.

Marcos noted that RCEP, as the world’s largest free trade agreement, offers a stable and predictable framework for trade and investments. He emphasized empowering businesses, particularly micro, small, and medium enterprises, to understand and utilize RCEP effectively.

During the summit, leaders reiterated their commitment to an open, inclusive, and rules-based multilateral trading system. They also instructed their ministers to address implementation gaps, particularly for less developed economies, and tackle emerging challenges such as climate change, digital transformation, and supply chain vulnerabilities. Discussions on accelerating the agreement’s implementation will continue, with a general review scheduled for 2027.

The 5th RCEP Summit marks the first leaders’ meeting since the RCEP Agreement came into effect in 2022.

In terms of the Philippines’ trade position, Department of Trade and Industry (DTI) Secretary Cristina Roque, who accompanied Marcos at the summit, expressed optimism about achieving economic progress through collaboration with free trade agreement partners. Roque highlighted that open markets and opportunities in digital and green industries are key to building a region that benefits every Filipino.

The DTI, in a press release, revealed that trade with ASEAN member countries accounted for 47.7 percent of the Philippines’ exports in 2024 and 71.9 percent of its imports. Additionally, the RCEP enhances the digital economy, supply-chain connectivity, competition and consumer protection, green economy, and energy materials, providing local enterprises with more opportunities for growth and global competition.