Pascual pushes ‘responsible globalization’ in WEF forum
TRADE Secretary Alfredo E. Pascual participated in several forums at the World Economic Forum (WEF) that tackled crucial post-pandemic challenges such as “responsible globalization” and realizing the full potential of the Regional Comprehensive Economic Partnership (RCEP), among others.
Apart from the investment pitches made to several business executives of companies during the WEF held in Davos, Switzerland from January 16 to 20, 2023, the Department of Trade and Industry (DTI) said Pascual also attended several forums and discussions.
One of the discussions, DTI said in a news statement issued on Thursday, was on Trade and Investment Leadership, which convened corporate CEOS and trade ministers to address uncertainties for continued global economic cooperation, climate issues, geopolitical polarization, supply concentration risks, and supply chain disruptions.
The trade department added that the agenda in the said engagement included ensuring “open and resilient” markets in a fragmented world, easing physical and digital f lows, and supporting “equitable and sustainable value chains.”
Further, Pascual said, “ongoing reconfiguration of global value chains creates opportunities for emerging economies like the Philippines to attract foreign investments and participate in the supply and value chains of global industries.”
Meanwhile, the DTI also noted that Pascual participated in the workshop on realizing the full potential of RCEP.
“The full implementation and utilization of the Agreement will fuel the recovery and sustained growth of the region,” Pascual said.
Moreover, the trade chief said RCEP, which is touted as the world’s largest trade pact, “will also complement the economic recovery efforts implemented by the Philippine government, thereby ensuring the continuity of our upward economic growth trajectory.”
Pascual, along with other DTI officials, have been pushing for the country’s accession to the said regional trade pact. In fact, they are hopeful that the Senate would approve RCEP within the first quarter of 2023.
DTI Assistant Secretary for Industry Development and Trade Policy Group (IDTPG) Allan B. Gepty said on the sidelines of the 2023 Economic Outlook Forum organized by the British Chamber of Commerce of the Philippines (BCCP) on Tuesday in Makati City that while the Philippines has not yet ratified its membership to the regional trade deal, RCEP parties are already enjoying the benefit of having a wide area for accumulating raw materials.
Gepty added that sourcing raw materials from the 14 members of the trade deal is “one big advantage” for the Philippines.
In a message sent to reporters on Thursday through Viber, Pascual said the regional trade deal is “pending with the Senate Committee on Foreign Relations, awaiting additional comments from stakeholders prior to drafting of Committee Report.”
Pascual added that once the Committee Report is completed, it could go to the plenary.
Meanwhile, the trade department said Pascual also engaged in the multilateral meeting on Micro, Small and Medium Enterprises (MSME) Going Global which brought together the President of the Inter-american Development Bank, the Secretary General of the World Customs Organization, industry ministers, executives of financial institutions, and MSME advocates to discuss the challenges faced by small merchants in accessing global markets.
During the engagement on MSMES, Pascual shared that DTI’S continuous efforts to facilitate the digital transformation of MSMES and their access to modern technology, affordable financing, and wider markets.