"With the fifth RCEP ministerial meeting to continue this afternoon, at this critical juncture where there is a general slowdown in growth across the world and rising protectionist mindset, it is important for RCEP to step up and set the example for the pursuit of freer trade," Rodolfo said.
He added, "RCEP is the only game in town given the current negotiations of the Trans-Pacific Partnership (TPP)."
For the Philippines, Rodolfo said RCEP remains an important engagement. He said 60.54 percent of the country's total trade is centered on other 15 RCEP participating countries, with more than 51.85 percent of exports going into these countries.
"Achieving a single set of rule to do business with member countries will significantly facilitate the conduct of business and spur growth of our industries," Rodolfo said.
RCEP is a 16-nation proposed free trade pact eyed to further strengthen ASEAN markets, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and its major trading partners China, South Korea, Australia, India, Japan, and New Zealand. RCEP will expand the ASEAN market from 600 million people to 3.5 billion.
Launched in November 2017, RCEP is designed to cover trade-in goods and services, investments, economic and technical cooperation, intellectual property rights, competition policy, and dispute settlement, among others. It is seen as a good platform for the region to negotiate with other regional blocks.
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