Trade ministers meet on sidelines of AEM 48

Trade ministers from Vietnam and the Philippines have held an informal meeting on the sidelines of the 48th ASEAN Economic Ministers’ Meeting (AEM 48), reaching consensus on extending the time for negotiating a new rice trading agreement.

Minister of Industry and Trade Tran Tuan Anh

Minister of Industry and Trade Tran Tuan Anh noted the current agreement expires on December 31. He said he believes it is in both of the countries’ best interest to conduct longer bilateral negotiations on the quantitative restriction (QR).

The QR allows the Philippines to impose higher tariffs on rice imports beyond a certain volume.

Secretary of Trade and Industry Ramon Lopez welcomed the proposal saying he would coordinate with the appropriate ministries in the Philippines to grant the request and begin the process for bilateral talks on the new contract.

He added that the two sides would discuss the new agreement in further detail at a Vietnam-Philippines Joint Sub-Committee on Trade in the third quarter of this year to be held in Manila.

VOV