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Trade chief expects RCEP deal to happen during ASEAN Summit


Trade and Industry Secretary Ramon Lopez on Thursday said he is optimistic that the long-delayed trade liberalization agreement among the 10-member Association of Southeast Asian Nations (ASEAN) and six dialogue partner-countries will happen during the 50th ASEAN meeting hosted by the Philippines this year.
 
“We are hoping that the ASEAN countries may come upon a feasible conclusion on RCEP this 2017,” Lopez told reporters in a press briefing in Makati City.
 
The Regional Comprehensive Economic Partnership (RCEP), which was launched in November 2012, aims to create a free trade agreement (FTA) among 10 ASEAN members and its dialogue partners.

ASEAN counts Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam as members. Its dialogue partners are China, India, Japan, South Korea, Australia and New Zealand, which have existing FTAs with ASEAN.
 
The deadline for RCEP negotiations was originally set in 2015. It was extended until 2016, but nothing was finalized.
 
“Sana next year in effect na ang RCEP... Pero may proseso, so maaring magka-agree tayo on a basic agreement, pero siguro ‘yung proseso – to make it effective – that will follow na lang ... Pero at least magkaroon ng agreement on the common numbers sa product inclusion, services inclusion,” Lopez said.

He was referring to the products and services with reduced tariff rates that will be part of the agreement once the RCEP is in place.

“What does this mean for the average Filipino? For consumers, this means more variety of goods and services at cheaper prices. For producers, this means cheaper prices of inputs from imports, which translate to more competitive prices for their products,” Lopez noted.
 
“For investors, this means having a single production base, even with the ASEAN’s diversity with regard to capital, expertise, labor and resources,” he added.
 
For micro, small and medium enterprises, Lopez said the integration will translate to easier access to the larger ASEAN and RCEP markets.
 
He said RCEP will link ASEAN – a market of 600 million people – to six dialogue partners, which will create an even bigger market of 1.3 billion. — VDS, GMA News

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