Canning industry joined the call of business groups and associations for the Senate’s concurrence of the Regional Comprehensive Economic Partnership (RCEP) Agreement
Value Added Sardine
Canned Tuna
Philippines
Regulation & Compliances
Rovel Torres
Published Jan 26, 2022
Local manufacturers of canned tuna and sardines support the ratification of the Regional Comprehensive Economic Partnership (RCEP) Agreement. Though still pending in the Senate, the Agreement is already signed by Brunei Darussalam, Cambodia, Australia, Thailand, Vietnam, China, Japan, Lao PDR, Singapore, Japan, and New Zealand this January 2022. South Korea is expected to join by February 2022. The RCEP agreement was ratified by President Rodrigo Roa Duterte on 2 September 2021 and is being deliberated by the Senate to secure concurrence.
Through this agreement, the canning industry expects to increase its domestic demand by improving its manufacturing, service, and aquaculture sectors. Better access to markets as well as investments is expected. Moreover, it will help the industry achieve equal footing with competitor countries such as Indonesia, Thailand, Vietnam, and Malaysia.
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