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Philippines vows to push for substantial conclusion of RCEP by year-en

Philippines vows to push for substantial conclusion of RCEP by year-end

The Philippines, host of this year’s ASEAN meetings, vowed on March 6 to push for the substantial conclusion of the Regional Comprehensive Economic Partnership (RCEP) designed to broaden and deepen cooperation between ASEAN and its six dialogue partners.
Philippines vows to push for substantial conclusion of RCEP by year-end ảnh 1Philippine Minister of Industry and Trade Ramon Lopez (Photo: Philippine Star)
 

Hanoi (VNA) – The Philippines, host of this year’s ASEANmeetings, vowed on March 6 to push for the substantial conclusion of the Regional ComprehensiveEconomic Partnership (RCEP) designed to broaden and deepen cooperation betweenASEAN and its six dialogue partners.

RCEP will expand the ASEAN market from 600 million to 3.5 billion people, said PhilippineMinister of Industry and Trade Ramon Lopez.

Boostingtrade and investment in the region is also on the agenda of the three-day ASEANtrade ministers’ meeting which kicks off on March 8.

Healso noted that the meeting will focus on the creation a stable policyenvironment and the right mix of support programmes to improve the capacity ofenterprises to expand.

RCEP focuses on non-tariff barriers, streamlining and harmonisingcustoms procedures and making them more consistent than existing agreements.

The agreement covers trade in goods, services, investment, technicaland economic cooperation, small and medium enterprises and dispute settlement.

RCEP negotiations began in November 2012 inPhnom Penh, Cambodia and was scheduled to conclude by the end of 2015. When thisdeadline has passed, negotiations are expected to be accelerated this year andexperts predict that the deal could be achieved.-VNA

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