ASEAN trade ministers fast-tracking RCEP talks

In a bid to facilitate negotiations on the Regional Comprehensive Economic Cooperation (RCEP), ASEAN trade ministers will hold an intersessional meeting in Hanoi.

Trade and Industry Secretary Ramon M. Lopez, who is the current chairman of the ASEAN Economic Ministers Meeting, said the 3rd RCEP Intercessional Meeting will take place in Hanoi on Monday, May 22, after the APEC Ministers Responsible for Trade Meeting in Hanoi over the weekend.

Since all ASEAN trade ministers are there already, Lopez said it is an opportune time to convert into an RCEP Intercessional Meeting the following day.

The Philippines hosted the 18th RCEP Trade Negotiating Committee (TNC) Meeting and Related Meetings recently but Lopez said there was no report yet on what transpired during the five-day meeting in Manila.

“We will take it up there (RCEP intercessional) and move forward,” Lopez said.

As ASEAN chair this year, the Philippines has made known its goal to substantially conclude the RCEP negotiations in time for the ASEAN Leaders and Partners meeting in November this year.

During the Manila RCEP meeting on May 8, 2017, senior officials from the 16 countries, including the 10 ASEAN member countries, were close to adopting the “reciprocity” principle allowing a member country to enjoy only the benefits of the agreement based on its commitments but cannot participate on areas where it decided to “opt out.”

Lopez has proposed during a speech at the opening of the five-day meeting the adoption of the principle of reciprocity to avoid dragging the conclusion of the negotiations.

Trade officials from the 10 ASEAN states and six free trade agreement partners – China, Korea, Japan, Australia, New Zealand, and India participated in the meeting.

Lopez noted that after this 18th round, the negotiation cannot just go on and drag to 19th or even 30th meeting.