Agreement

The Regional Comprehensive Economic Partnership (RCEP) Agreement was signed by the leaders and ministers of the various RCEP Parties on 15 November 2020.

RCEP entered into force for Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam on 01 January 2022. This was followed by the Republic of Korea on 01 February 2022, Malaysia on 18 March 2022, Indonesia on 02 January 2023, and the Philippines on 02 June 2023.

Implementing Executive Orders

The Philippines’ tariff commitments under RCEP are implemented by Executive Order No. 25 (s. 2023) which modified the rates of import duties on certain imported articles pursuant to the Economic Partnership Agreement between Australia, China, Japan, New Zealand, the Republic of Korea and the members of the Association of Southeast Asian Nations (ASEAN).

Date of Full Implementation

2040

Overview of Tariff Commitments

Parties to the RCEP agreement have agreed to eliminate/reduce their customs duties on imported goods of other Parties in accordance with each Party’s own schedule of tariff commitments.

Details of the tariff reduction commitments of each Party are set out in Annex I of the RCEP Agreement.