The free trade agreement among 15 countries is the largest of its kind to date.
Signatory countries of the RCEP account forof the global gross domestic product and 25% of global trade. The deal also includes two of the three largest economies in the world, China and Japan.
According to projections of the Asian Development Bank, China, Japan, and South Korea are expected to benefit the most from the deal, earning aThe Philippines is projected to earn $2 billion from the agreement by 2030. Countries that are export-heavy, meaning that they send more goods abroad than receive them, are expected to be the ones to reap the most benefits from the deal. country, it would receive more trade from other countries in the RCEP than export them.
When asked by reporters whether the RCEP goes against the idea of the Philippines becoming self-sufficient, Marcos said that it would be the contrary, being able to tap into important markets that the agriculture sector in particular can make use of. He also said: “[T]he different non-traditional suppliers of agricultural inputs, of agricultural commodities
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