MANILA, Philippines — The 10-member Association of Southeast Asian Nations (ASEAN) have come out with a unified stance on the parameters for the Regional Comprehensive Economic Partnership (RCEP) following the conclusion of the ASEAN Economic Ministers’ (AEM) Meetings in Manila yesterday, with the ball on how to move things forward now in the hands of the regional bloc’s six dialogue partners.
“Among ASEAN, there is an agreement on the parameters and key elements and this is what we are requesting our partners to also consider as they go back to their respective countries. That’s why we are saying they have to recalibrate and be more realistic in setting their expectations on RCEP so that we can really move this forward,” Trade Secretary and AEM chair Ramon Lopez said.
ASEAN’s six dialogue partners for the RCEP are China, Korea, Japan, Australia, New Zealand and India.
As far as the level of liberalization in terms of trade of goods is concerned, Lopez said ASEAN would not settle for anything less or more than 92 percent at present.
“We’ve heard of statements that they will have to consult their constituents before they submit their offers,” Lopez said.
The six dialogue partners are set to submit their recalibrated offers by Sept. 22, which will be followed by an RCEP trade negotiating committee meeting in Korea in October.
“Essentially we have agreed to adopt a set of key elements that will lead to substantial conclusion by the end of the year. There will still be a submission of offers by the third week of September and this will basically make use of key elements that we have discussed,” Lopez said.
“So we emphasize on more realistic ambitions. This will include more realistic ambition when it comes to percentage of products for inclusion, the phasing or timing of each inclusion, should it be in the next 10 or 15 years, and basically covering the timeframe,” he added.
Following the AEM meetings, Lopez said there is now more openness on ASEAN’s FTA partners to consider a quite solid and strong ASEAN position in the provisions of RCEP.
“The willingness is there. They all want to reach the conclusion as much as possible. So it’s really just determining up to what extent will that be and the timetable,” he said.
Ministers have agreed to reach a substantial conclusion of RCEP negotiations this year in line with ASEAN’s 50th anniversary.
A substantial conclusion, according to Lopez, is reaching an agreement on broad parameters as to what will be the content, the level of liberalization, the timing, and value-added inclusions in the agreement.