What new changes will RCEP bring to China when it comes into force for the Philippines?

At the beginning of April, the Philippines formally deposited the instrument of ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP) with the Secretary-General of ASEAN. According to the RCEP, the agreement will enter into force for the Philippines 60 days after the date of deposit of the instrument of ratification, that is, June 2. This marks the full entry into force of RCEP for 15 member states, and the world's largest free trade area will enter a new stage of full implementation.

As the largest source of imports and the third largest export market of the Philippines, China is the largest trading partner of the Philippines. After the formal entry into force of RCEP to the Philippines, it has a great influence on China in all aspects.

In the field of trade in goods: on the basis of the China-ASEAN Free Trade area, the Philippines has also added zero tariff treatment to China's automobiles and spare parts, some plastic products, textiles and clothing, air-conditioned washing machines and so on. After a certain transition period, the tariff on the above-mentioned products will be gradually reduced from 3% to 0%.

In the area of services and investment: the Philippines is committed to opening up its market to more than 100 service sectors, significantly opening up maritime and air services.

In the fields of commerce, telecommunications, distribution, finance, agriculture and manufacturing: more deterministic access commitments are also given to foreign businessmen, which will provide more free and convenient conditions for Chinese enterprises to expand trade and investment in the Philippines.