<p>The Association of Southeast Asian Nations (ASEAN) is looking at Regional Comprehensive Economic Partnership (RCEP), a region-wide free trade agreement, as an important step toward a deeper and integrated production base in the region that is also open to the rest of the world. If successfully negotiated, RCEP can be the world`s biggest trading bloc covering at least 40 percent of world trade and offering significant benefits to participating countries.</p>
<p>This policy note points out key reform challenges facing the Philippines during the difficult period of negotiation and the necessary structural and institutional reforms that must be taken to ensure that the country will benefit from the RCEP.</p>