WTO looks into JPEPA
Thursday, June 24, 2010
, Posted by Unknown at 3:11 AM
The World Trade Organization (WTO) recently looked into the Japan-Philippines Economic Partnership Agreement (JPEPA) to check the agreement’s consistency with the partners’ obligations to the body.
Senior Undersecretary Thomas G. Aquino, who headed the Philippine delegation, said, "JPEPA underwent fine scrutiny from members, which contributed to the better understanding of the agreement’s objectives and specific provisions by WTO members."
"Japan and the Philippines have a positive and forward-looking economic partnership. Japan is the Philippines’ largest trading partner within the East Asia region and has sustained its position as the Philippines second largest global trading partner," Aquino said.
The Japanese delegation was headed by deputy permanent representative Kuni Sato of the Japanese mission to the WTO.
"The conclusion of the EPA with a country like the Philippines, which is one of the core countries of Asean, would create a positive and demonstrative impact on other economies, particularly those in East Asia, and help further develop and enhance the comprehensive economic partnership within the region as a whole," Sato said.
The review was conducted June 14 and 15 by the WTO’s Committee on Regional Trade Agreements (CRTA) chaired by Ambassador Alfredo Suescum of Panama.
The CRTA was established by the WTO general council to examine individual regional trade agreements (RTAs). The review process is governed by the Transparency Mechanism for RTAs adopted on Dec. 14, 2006.
Ambassador Manuel A.J. Teehankee, Philippine permanent representative to the WTO, said questions and answers were supplied in advance before the actual meeting.
Teehankee said the review of all FTAs, EPAs or regional trade agreements are meant only for transparency and to allow members to be informed of the different preferential arrangements that a WTO member may enter into and which may or may not have an impact on the MFN obligations it has vis a vis other WTO members.
"The review mechanism is a process by which the other members may pose questions and seek clarification from the signatories to the FTA EPA or regional trading arrangement," he said.
Since this is the first Philippines FTA, this is also the first review ever of the Philippines.
The Philippine delegation was headed by Aquino, who chairs the Inter-agency Technical Committee on WTO Matters and was lead negotiator for the JPEPA
The JPEPA was signed by President Arroyo and then Japanese Prime Minister Junichiro Koizumi in Helsinki, Finland on September 2006 and came into force in December 2008.
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