PHL urges US: Take the lead in free trade

THE Philippines took a swipe at the United States at the World Trade Organization (WTO), as it urged the world’s largest economy to take the lead in restoring the multilateral trading system back to order.

At Washington’s 14th trade policy review at the WTO, Manila highlighted the long-standing trade history of the two economies. It emphasized the importance of the US as one of the world’s largest exporters and importer of goods and services.

“The Philippines and the US have long-standing bilateral economic relations based on our strong historical and cultural ties. In 2017 the US became the Philippines’s third-largest trading partner and fifth major source of foreign direct investments,” the Philippines said.

“The Philippines-US Trade and Investment Framework Agreement serves as a valuable mechanism for the expansion of trade and investment flow between our two countries where regular discussions are held to strengthen the economic partnership between our two economies,” it added.

Manila noted that since the 2016 review of the US’s trade policies, the superpower has shifted to adopting rules intended to “support its national security and strengthen its economy.” These policies, it added, are in line with US President Donald J. Trump’s trade agenda focused on renegotiating trade deals, enforcing See “Free trade,” A2

US trade laws and rights, and reforming the multilateral trading system.

The US, in accomplishing this agenda, had slapped left and right tariffs on various products, especially those offensive to the interests of its rival superpower China.

“The Philippines appreciates the proposals of the US to further improve institutional processes at the WTO in the areas of improved notifications and refinements of the dispute-settlement processes, which the Philippines is reviewing and studying in a constructive spirit,” the country said.

With this, Manila urged Washington to take the lead and return to the side of free trade. It also said the superpower’s leadership is needed now more than ever, given the collapse of the multilateral trading system.

“As the US pursues all these, we would encourage the US to continue leading in upholding the rulesbased multilateral trading system at the core of the WTO. Now, more than any other time in the life of the WTO, your leadership is needed,” the Philippines concluded.

The Philippines and the US are set to negotiate a bilateral freetrade agreement. Elijah Felice E. Rosales