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ASEAN, dialogue partners to finalize key document on RCEP negotiations


The Association of Southeast Asian Nations and its dialogue partners for the Regional Comprehensive and Economic Partnership (RCEP) are set to decide on a key document which will move trade negotiations one step closer to finalization.

"The TNC [trade negotiating committee] Chairperson prepared recommendations which the Ministers will tackle this afternoon. Further, the Ministers will finalize the 'RCEP Key Elements for Significant Outcomes by End of 2017'," Trade Undersecretary Ceferino S. Rodolfo said in a briefing in Pasay City.

Rodolfo serves as the Philippine Lead for the 49th ASEAN Economic Ministers' Meeting and Related Meetings (AEM), while Trade Secretary Ramon M. Lopez serves as the Chair.

According to Rodolfo, the Key Elements is a document which "clearly outlines the negotiating areas viewed as realistically achievable by end of the year."

In line with this, Rodolfo said the Philippines has already submitted its recommendations for the document to be finalized as soon as possible.

"There are two main categories of the key element paper: market access, and the rules side," he said.

In terms of market access, Rodolfo said the document will "make sure that the commercial interest of each countries are reflected."

Meanwhile, the rules aspect of the document will give a "clear understanding on where each country stands and what's doable and not doable."

"If we can agree on that then by the summit this November, then the Ministers will give a very good assessment of what has happened during the course of the Philippine chairmanship," Rodolfo said.

"We are hopeful that we can provide an assessment that will gear [RCEP] negotiations forward significantly," he added.

The RCEP is a free trade agreement (FTA) among ASEAN member nations—Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

It also includes several other trading partners:  Australia, China, India, Japan, Republic of Korea, and New Zealand.

Lopez in May urged the ASEAN to expedite and complete negotiations on RCEP by the end of the year, as the Philippines wants to conclude talks during its hosting of the ASEAN Summit this year.

"For the Philippines, RCEP remains an important engagement. Almost 61 percent of the country's total trade is cented on the 15 RCEP Participating Countries, with almost 52 percent of our exports ging into these countries," Rodolfo said on Sunday.

"Achieving a single set of rules to do business with these member countries will significantly facilitate the conduct of business and spur growth of our industries," he added. — BM, GMA News