Lopez urges reg’l peers to move RCEP forward

Trade Secretary Ramon Lopez, who chairs the ASEAN Economic Ministers meeting for 2017, has urged his regional counterparts to address significant issues concerning trade and investments in the bloc, including a final appeal towards moving forward negotiations for the Regional Comprehensive Economic Partnership (RCEP).

In his speech at the opening ceremony of the 49th ASEAN Economic Ministers’ Meeting yesterday, Lopez urged his fellow ministers toward facilitative measures to address long-standing issues such as the ASEAN Trade In Goods Agreement, the implementation of respective single window initiatives, and improvement of customs integration procedures.

Lopez also called for the reduction and even “full elimination” of non-tariff barriers, as well as a consensus to progress with respect to the areas of investment liberalization, transparency, protection, promotion and facilitation.

Given the backdrop of rising trade policy uncertainties, Lopez said there is a need for the regional bloc to reaffirm the importance of integrating ASEAN into the regional and global economy.

He said ministers not only from ASEAN, but also its dialogue partners must continue progress in operationalizing regional integration initiatives and widening of cooperation mechanisms.

As such, he said the substantial conclusion of the RCEP negotiations remains high on ASEAN’s overall economic agenda and “is a priority deliverable for the Philippines chairmanship of ASEAN 2017 and in time for the 50th anniversary of ASEAN.”

“I therefore enjoin all parties to exert utmost efforts to constructively resolve outstanding issues and seek options that provide flexibilities to move the negotiations forward. Given that we are only three months away from the ASEAN Leaders Summit In November, we are presented with a chance to continue the momentum during the 5th RCEP Ministerial Meeting,” Lopez said.

“We need to take a collective stance and arrive at a clear consensus on the vital elements for this agreement. Let us not miss the opportunity of announcing a substantial conclusion of RCEP negotiations especially in November, or a significant breakthrough to culminate our celebration of ASEAN’s Golden Jubilee Year,” he added.

Lopez earlier said negotiations have been on a stalemate recently as contentious issues on trade in goods, services, and investment have remained unresolved.

Given the ongoing stalemate in the negotiations, Lopez has emphasized the need for a compromise and the consideration of “fair” alternative options among the RCEPmember economies.

“Looking at 2017 and beyond, ASEAN should be cognizant of the changing geostrategic landscape that presents both opportunities and challenges. The region has to remain transformative and proactive in the face of global economic conditions,” he said.

RCEP aims to achieve a modern, comprehensive, high-quality and mutually beneficial economic partnership agreement between the 10 ASEAN members states and six free trade agreement partners that include China, Korea, Japan, Australia, New Zealand and India.

RCEP is poised to boost global growth by expanding the ASEAN consumer base of 620 million to 3.5 billion, integrating the major economic player markets, which will account for almost half of the world’s population and almost 30 percent of global gross domestic product.

President Duterte has also urged top ASEAN trade officials to remain committed in delivering the RCEP agreement towards a substantial conclusion.

“As we continue to steer ASEAN’s direction towards our shared goal of integrating the wider region into the economic global activity, we call on the parties in the ongoing Regional Comprehensive Economic Partnership negotiations to remain committed in delivering the agreement towards substantial conclusion,” Duterte said in his speech Wednesday when he met trade officials from the 10 ASEAN-member states.