ASEAN econ ministers seek to complete RCEP negotiations by yearend

FILE: Trade Secretary Ramon Lopez  (Photo By Philippine Information Agency, Public Domain)

MANILA — Economic ministers of the Association of Southeast Asian Nations (ASEAN) member states have committed to complete the negotiations on the Regional Comprehensive Economic Partnership (RCEP) by the end of the year.

Department of Trade and Industry (DTI) Secretary Ramon Lopez, on Sunday, said ministers are set to finalize a collective assessment paper that will tackle a list of measures that are to be completed for this year, those that need further discussion and those that require reconsideration of current mandates.

Lopez said the ministers will provide a comprehensive overview of what has been achieved in past negotiations giving directions to stakeholders on the steps needed for the fulfillment of the free trade agreement.

“We should be able to provide a concrete and tangible roadmap that our leaders can agree and endorse which will lay the foundation for a trade agreement. RCEP is of tremendous importance for our economies in the region. Our efforts today can bring further progress and economic sustainability for the coming years,” said Lopez, chair of the ASEAN Economic Ministers Meeting, in his opening remarks during the Preparatory RCEP Ministerial Meeting held Sunday.

The RCEP is a planned free trade agreement between the 10 ASEAN member states and its six trading partners Australia, China, India, Japan, South Korea and New Zealand.

RCEP is viewed as an alternative to the Trans-Pacific Partnership (TPP), a proposed trade agreement which includes several Asian and American nations but excludes China and India.

If approved, the trade deal will cover nearly 3.5 billion people, making it the largest trade bloc in terms of population, as well as a third of the world’s gross domestic product and total trade.

It covers a broad range of topics, including trade in goods and services, investments, intellectual property, and e-commerce.