The Philippine Department of Commerce and Industry (DTI) said the RCEP agreement is a modern, comprehensive, quality and mutually beneficial economic partnership agreement. The Philippine National Oil Company (PNOC), China National Offshore Oil Company (CNOOC) and Vietnam Oil and Gas Corporation (PETROVIETNAM) signed an agreement on 14 March 2005 to conduct a joint survey of the Seismic Sea in certain areas of the South China Sea. During the visit, six government agreements and various trade agreements were signed: as far as trade is concerned, a target of $20 billion was set for the next five years (i.e. until 2009). The free trade agreement reduced tariffs on 7,881 product categories, or 90% of imported goods to zero.  This reduction entered into force in China and the six original ASEAN members, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. The other four countries are expected to follow in 2015.  Framework Agreement on the Granting of a Granting Loan of RMB 200 million On 15 and 16 March 2004, the 23rd meeting of the Joint Trade Committee took place in Beijing, during which the two sides exchanged views on improving bilateral cooperation in the fields of trade, investment, agriculture, industry, resource development, railway system development and regional and multilateral issues. The Philippines was led by Thomas G.
Aquino, Under Secretary of State for Trade and Industry, while the Chinese side was led by Commerce Minister An Min. Signed by the National Culture Commission and Arts President Ambeth R. Ocampo and Chinese Culture Minister Sun Jiazheng, the agreement covers five general areas and 17 cultural exchanges. Art, history, education, research, books and publications, as well as cinema. The program is the 13th implementing protocol of the 1979 Cultural Agreement between the Philippines and China. ASEAN members have a total population of over 650 million. Indonesia accounts for more than 40 per cent of the region`s population and the population has been the most opposed to the agreement.   Over the years, several important bilateral agreements have been signed between the two countries. These include the Common Trade Agreement (1975); Agreement on Scientific and Technological Cooperation (1978); Postal Agreement (1978); Air Services Agreement (1979); cultural agreements (1979); Agreement on the Promotion and Protection of Investments (1992); Agreement on Agricultural Cooperation (1999); tax treaties (1999); Mutual Assistance in Criminal Matters Treaty (2000); extradition treaty (2001); Reciprocal Visa Waiver Agreement for Holders of Diplomatic and Service Passports (2004); and agreement on a seismic sea joint venture in certain areas of the South China Sea by and between Philippine National Oil Company and China National Offshore Oil Corporation. . . .