RCEP trade deal expected by Nov

MANILA, Philippines — The Philippines, along with 15 other participating countries of the Regional Comprehensive Economic Partnership (RCEP) agreement, is optimistic the trade deal would be completed by November.

In a statement released yesterday, the Department of Trade and Industry (DTI) said ministers of the 16 participating countries who gathered during the 8th RCEP Intersessional Ministerial Meeting in Beijing in China held from Aug. 2 to 3, see the trade agreement being concluded by November. 

“Significant progress had been made in key chapters such as market access and investments, and some issues affecting the speed of the negotiation has been addressed,” Trade Secretary Ramon Lopez said.

“Parties are more pragmatic in the spirit of wanting to reach conclusion.  We are seeing more flexibility and they are mindful of the sensitivities of each country taking into account the level of its economic development,” he said. 

Amid challenges being faced by the multilateral trading system at present, the parties to the RCEP noted the need to strengthen trust in international trade rules, as well as in free markets. 

Negotiations for the RCEP started in 2012. 

When completed, RCEP will be the world’s biggest trade deal, as its 16 trading partners account for nearly 50 percent of the global population, and almost one third of world trade. 

In addition to the Philippines, the nine other members of the Association of Southeast Asian Nations such as Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Vietnam together with free trade area partners from Australia, China, India, Japan, Korea and New Zealand are parties to the RCEP.

Through the RCEP, the Philippines expects to benefit by having increased participation in the global value chain, as well as in attracting investments and in turn, creating employment. 

Lopez said the Philippines would want to enhance its trade relations with other countries, as well as develop more local industries to create more jobs. 

“We have been working on increasing market access for our products and services in the other 15 participating RCEP countries, and clarify rules that would attract greater investments into the country that will generate more jobs for the Filipinos,” he said.

RCEP’s next round of negotiation will be held in Jakarta, Indonesia later this month.