For Asia, both the RCEP and TPP are ambitious regional trade agreements. Impacts of both the RCEP and the TPP are likely to be substantially positive, based alone on the combined size of the prospective members. However, both will involve complex negotiation processes with multiple parties at different stages of economic development and sectors that may or may not be prepared for liberalization.
Joining RCEP and/or TPP may prove to be a much needed confidence and community building exercise to demonstrate ASEAN's capacity to integrate its members and external states into solidarity in pursuit of efficiency, growth, job creation, poverty reduction and harmonization.
For the Philippines, choosing between the RCEP and TPP depends on their feasibility and the ability of the country to realize the benefits and manage the costs from these agreements.