BANGKOK - The negotiation on the Regional Comprehensive Economic Partnership (RCEP) is seeing a "very positive development," the Philippine Trade and Industry Secretary Ramon Lopez said on Saturday.

Speaking to the press on the latest developments of the recent negotiations on the regional free trade pact, Lopez said, "I think what we can say is that we can report a very positive development to the leaders. There is substantial progress, a near conclusion or a preliminary conclusion, so we can have a very positive report on Monday."

A statement on the developments of RCEP negotiations is expected to be issued after the third RCEP Summit which will be held here on Monday.

The negotiators are still making the last-minute efforts to meet the deadline. However, if the negotiations cannot be concluded before the third RCEP Summit, the Philippine trade chief said "there would be a continuing negotiation on the remaining issues."

"Hopefully it can be finished by February next year," Lopez said.

The RCEP, initiated by ASEAN in 2012, is a proposed free trade agreement (FTA) between the 10 member states of the association and the six FTA partners of ASEAN -- China, Japan, South Korea, Australia, New Zealand and India.

The Philippine official stressed that "The mindset right now is for everybody could be in. All efforts are being extended, being worked on by 16 countries, so that everybody can be in."

With regards of the impacts of RCEP, Lopez said the free trade pact will provide a much freer trade and investment environment and more market access to all 16 countries.

"We believe that RCEP will lead to a much better flow of trades and investments in this area. RCEP really presents good opportunities for everyone, with better rules for trade, investments, and many other forms of cooperation," he added.