ASEAN agrees on 'key parts' to accelerate talks

MANILA - Economic ministers of the Association of Southeast Asian Nations members have agreed on removal of barriers on at least 92 percent of product lines over five to 10 years.

They have agreed on "key elements" they hope will accelerate talks on a mega trade deal that will cover a third of the world economy.

Philippine Trade Secretary Ramon Lopez told reporters the ministers agreed at the end of their meetings in Manila on Monday on baselines for further talks on the Regional Comprehensive Economic Partnership, including the desired level of liberalization needed.