TIM eMagazine Vol.3 Issue 6
Ministers draft blueprint
to conclude RCEP
The sixteen (16) Regional Comprehensive Economic
Partnership (RCEP) Ministers from ASEAN, Australia,
China, India, Japan, Korea and New Zealand adopted
the “Package of Year-End Deliverables”
T
Credits: dti.gov.ph
he sixteen (16) Regional Comprehensive Economic
Partnership (RCEP) Ministers from ASEAN, Australia,
China, India, Japan, Korea and New Zealand adopted
the “Package of Year-End Deliverables” that lays down
the blueprint for concluding the negotiations during
the 6th RCEP Ministerial Meeting on 30 - 31 August in
Singapore.
This document, which was developed by the Trade
Negotiating Committee, also tasked negotiators to
redouble efforts in order to advance the political
mandate.
“All Parties are eager and ready to work towards achieving the targets
set by the end of this year, with each country wanting to bring home a
good deal for their peoples. RCEP will send a positive signal to the world
that the RCEP region is open for business,” said DTI Secretary and
Philippines RCEP Minister Ramon M. Lopez.
RCEP will be the largest Free Trade Agreement that the Philippines will
be part of once concluded. It covers the 3.2 Billion market size of the RCEP
participating countries. It is also a mega-regional trade pact that the
ASEAN ever engaged in with the huge contribution in terms of GDP and
consumer-based patronage.
This will provide market opportunities to all the participating countries,
which will impart a higher standard of living due to the vast choice of
goods and services as well as contribute greater job generation.
“These ministers are cognizant of the key elements of the agreement
that we started last year under the Philippine chairmanship and we built
on it. Time allowed some Minister