Philippines urges speedier RCEP talks

‘Proposed free trade pact holds huge benefits for Asean’

MANILA: The Philippines has urged Asean’s member states and dialogue partners to expedite talks on the Regional Comprehensive Economic Partnership (RCEP), saying the proposed pact would “tremendously” benefit SouthEast Asia.

“This partnership has tremendous opportunity to reenergise global free trade and open markets.

“As such, all eyes are on RCEP and how it will delicately balance meaningful outcomes that benefit all parties while addressing the sensitivities and circumstances of our economies, especially on market access and rulesbased scheme,” said Philippine Trade Secretary Ramon Lopez at the opening ceremony of the 49th Asean Economic Ministers’ Meeting and Related Meetings yesterday.

“Therefore, we enjoin all par ties to exert utmost efforts to constructively resolve outstanding issues and seek options that provide flexibilities to move the negotiations forward.

“The substantial conclusion of the RCEP negotiations remained high on the overall economic agenda of Asean.

“It is a priority deliverable for the Philippines’ chairmanship of Asean 2017 and in time for the 50th anniversary of Asean.”

The RCEP is a proposed free trade pact between the 10 member states of Asean and the six countries with which Asean has existing free trade agreements – Australia, China, India, Japan, South Korea and New Zealand.

Lopez said Asean needed “to take a collective stand and arrive at a clear consensus on the vital elements for this agreement”. — Xinhua