RCEP will expand ASEAN trade – Lopez
The Philippines will push for the expansion of ASEAN trade which can be done by concluding the Regional Comprehensive Economic Partnership (RCEP) during the country’s hosting of this year’s ASEAN Leaders’ Meeting.
Trade and Industry Secretary Ramon M. Lopez, who will chair the ASEAN Economic Ministers (AEM) Retreat and Related Meetings this week, March 8-10, will push for increased trade and investment in the region.
Lopez has reiterated the country’s push for a substantial conclusion of the (RCEP), an agreement involving the 10 ASEAN-member states and the six Dialogue Partners will expand the ASEAN market from 600 million to 3.5 billion. DTI will be pushing for the substantial conclusion of RCEP by year-end at the AEM.
On increasing trade and investment, Lopez emphasized that the creation of a sound policy environment and the right mix of support programs are crucial to improve the capacity of businesses to expand, upgrade, and diversify.
As chair of the meeting, Lopez will champion “inclusive, innovation-led growth” as the country’s trade agenda for shared prosperity. The other two pillars touch on politico-security and socio-cultural. Increasing trade and investment, integrating the micro, small and medium enterprises (MSMEs) in the global value chains and developing an innovation-driven economy are the identified measures to achieve said priority.
“Our strategic measures are consistent with our current agenda to promote employment and entrepreneurship. The AEM is an excellent platform to push for the country’s core thrusts on trade and investment, MSME development and innovation,” said Lopez, who will serve as the chair of AEM Retreat and Related Meetings. The trade chief ensured that his meeting’s chairmanship will be “fair, workable, rational and inclusive” among ASEAN-member states.
The AEM aims at strengthening partnership with stakeholders to expand knowledge and utilization of ASEANrelated free trade and economic agreements, provisions and initiatives, including the benefits that an ASEAN national can receive.