Regional trade deal signed in ’20

    110

    Ramon Lopez, secretary of the Department of Trade and Industry (DTI) yesterday said the Regional Comprehensive Economic Partnership (RCEP) would be concluded this year and signed in early 2020.

    “With 20 out of the 25 chapters concluded in the last meeting in Vietnam, the full conclusion of the RCEP this year is very probable. A positive report can be presented to the heads of state when they meet for the 3rd RCEP Leaders’ Summit in November,” said Lopez on the outcome of the 9th Intersessional Ministerial Meeting on October 11 to 13 in Bangkok.

    Lopez said the trade ministers expect that the remaining chapters — rules of origin, trade remedies, trade in services, investment and e-commerce — . will be concluded before the end of the month and any remaining issue will be part of a work plan for resolution at the soonest.

    The trade agreement covers 16 participating countries, which account for almost half of the world’s population, about 30 percent of global GDP, and over a quarter of world exports.

    The Philippines is one of the participating countries, along with the rest of the nine Asean member states, Australia, China, India, Japan, South Korea, and New Zealand.

    After RCEP’s conclusion, the Philippines will enjoy lower trade barriers and increased market access for its goods and services to its 15 country partners.

    The agreement also has a chapter on small and medium enterprises (SMEs) to ensure that RCEP’s benefits are not confined to large companies.