Trade officials from 10 member-states of the Association of Southeast Asian Nations and six trade partners began talks on a China-led economic bloc in Manila Monday, with a goal to achieve substantial conclusion this year.
Trade Secretary Ramon Lopez said the 17th Regional Comprehensive Economic Partnership meeting would discuss the rate of inclusion of goods in the proposed broader regional trade liberalization.
RCEP is considered the new tailwind for global growth as it heads towards a more substantive phase following 17 rounds, according to the Trade Department.
The Manila Round will entail redoubling efforts to deliver the broader and deeper commitments being called for goods, services and investment liberalization given the mandate of leaders to substantially conclude RCEP this year.
“If there are countries that cannot meet the current rate, they can be excused but they cannot yet reap the benefits of the partnership or, countries may practice the principle of reciprocity,” Lopez said.
About 14 to 15 countries are expected to agree on liberalizing 90 percent of goods for trade, including the Philippines.
