Preferential tariff rates for Philippines to begin June 2

China will apply preferential tariff rates, as stipulated by the Regional Comprehensive Economic Partnership pact, to a range of imported Philippine products starting June 2, according to an online announcement made by the Ministry of Finance on Monday.

These preferential rates are applicable to member countries of the Association of Southeast Asian Nations under RCEP rules.

Subsequent annual tariff rates will be implemented from Jan 1 each year and will be announced by the Customs Tariff Commission of the State Council.

The RCEP pact took effect for the first 10 ratifying countries on Jan 1 last year.

The Philippines deposited its instrument of ratification of the RCEP agreement with the secretary-general of ASEAN on April 3. Under RCEP rules, the trade deal will take effect for the Philippines 60 days after the deposit of ratification, June 2, marking the final step toward the agreement's full implementation.

With the implementation of RCEP in the Philippines, all 15 member countries have completed the ratification process and commenced tariff reductions, marking a new phase of overall implementation of the agreement.