DTI will consult stakeholders on the Regional Comprehensive Economic Partnership (RCEP) and the ASEAN – Hong Kong, China FTA (AHKFTA).
The proposed RCEP, which is composed of ASEAN and its dialogue partners (Australia, New Zealand, India, Korea, Japan and China), accounts for nearly30 percent of the world’s trade, and is projected to have a combined gross domestic product of about $21.2 trillion.
On the other hand, AHKFTA, which refers to ASEAN’s engagement with Hong Kong, China, offers the Philippines market access to an estimated 60 million tourists a year.
The RCEP and AHKFTA consultations fall under the One Country, One Voice (OCOV) program, the government’s consultative mechanism for stakeholder participation in trade policy formulation. OCOV, launched by the DTI in 2010, engages stakeholders to identify policy gaps and relevant interventions and support the development of government’s positions and appropriate strategies for negotiating current and possible future trade engagements.