Japan, RP to begin free trade talks

Japan, RP to begin free trade talks

TOKYO: Japanese Prime Minister Junichiro Koizumi and Philippine President Gloria Arroyo agreed on Thursday to begin talks on concluding a free trade agreement, Japanese officials said.

"The two leaders decided that the governments of the two countries should enter into negotiations beginning in early 2004 ... based upon the discussions and achievements" of a bilateral working group, a joint statement issued after the meeting said.

They also decided the two nations should conclude the free trade pact "within a reasonable period of time, taking full consideration of mutual understandings and sensitivities."

Koizumi agreed on similar initiatives with his Malaysian and Thai counterparts earlier on Thursday.

The Japan-Philippines statement said the two leaders stressed "economic partnership agreements serve as appropriate building blocks that strengthen global trade."

Koizumi is playing host to the leaders of the 10-member Association of Southeast Asian Nations (ASEAN) to celebrate three decades of relations.

Japan's first bilateral free trade agreement, with fellow ASEAN member Singapore, took effect in November last year.--AFP