Photo Release

Pimentel leads discussion on RCEP agreement: Senate Committee on Foreign Relations chairman Aquilino “Koko” Pimentel III presides over a virtual hearing Friday, October 29, 2021, on the Regional Comprehensive Economic Partnership (RCEP) agreement. RCEP is a free trade agreement (FTA) between the 10-member states of the Association of Southeast Asian Nations (ASEAN) and its five FTA partners namely Australia, China, Japan, New Zealand and the Republic of Korea. Pimentel said the agreement is dubbed as the largest FTA in history and is expected to add $200 billion to the world income and $500 billion to world trade by 2030. “It is my gratitude that I acknowledge the presence of our experts on this matter both from the private and public sectors to guide the committee in the processing of this agreement for the Senate’s participation in foreign relations and to give our concurrence to the ratification of this agreement by the President,” Pimentel said. The RCEP framework was adopted by ASEAN leaders during the 19th ASEAN Summit held in Bali, Indonesia in November 2011 and was signed by the 10-member states and five regional partners on November 15, 2020. (Screen grab/Senate PRIB)