(VOVworld) – 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 trade agreement.

Minister Tran Tuan Anh holds a bilateral meeting with Philippines’ Secretary of Trade and Industry Ramon Lopez. (Photo: VOV News Center)

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

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

Minister Tuan Anh proposed that the Philippines should organize the second meeting of the Vietnam-Philippines Joint Sub-Committee on Trade for an appropriate time.

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.