The Trade Department said over the weekend talks on the Regional Comprehensive Economic Partnership, a proposed Asia-led regional trade bloc, is nearing completion and may result in an agreement by 2017.
“The next negotiating meeting will work on recommended package that will lead, hopefully, to reaching agreement next year on the 50th anniversary of Asean (that) the Philippines will be hosting,” said Trade Secretary Ramon Lopez.
He said participants to RCEP had narrowed the band of options that made it easier to assume an agreement was likely by 2017.
Lopez said RCEP participants wanted to reach a common set of numbers in terms of the extent of the products and the inclusion of services, as well as the number of years to eliminate tariff among Asean and the 6 countries involved in bloc—China, South Korea, Japan, India, Australia and New Zealand.