Locsin rallies support for multilateral trading system

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. urged the 21- member Asia-pacific Economic Cooperation (Apec) forum on Tuesday to affirm their support for a multilateral trading system that affords a predictable rules- based regime that furthers the agenda for easing trade flows.

Apec’s new vision is one of “hope, assurance and trust in people- centered principles; and the pursuit of sustainable and quality growth to address pressing inequities, including environmental crises, which hit hardest those least capable of weathering them.”

Locsin and Trade Secretary Ramon M. Lopez joined other ministers and representatives from all 20 other Apec Economies in the 2020 Apec Ministerial Meeting (AMM) on November 16, 2020 via a virtual platform organized by Malaysia as the Apec 2020 host economy.

Malaysia is concluding its hosting year with the theme “Optimizing Human Potential towards a Resilient Future of Shared Prosperity. Pivot. Prioritize. Progress.”

Included are the following priorities: improving the narrative of trade and investment, inclusive economic participation through digital economy and technology, driving innovative sustainability, all under the mantle of shared prosperity.

During the meeting, ministers adopted a consensus joint statement, which endorses a new vision for the Apec community.

Secretary Lopez stressed that Apec must bring micro, small and medium enterprises ( MSME) advocacy to a higher level, citing the need for structural reform “to create an enabling environment that promotes innovation and inclusive growth, with innovation at the core of sustainable economic development.”

Apec comprises Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong China, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam.

Representatives from the Asean Secretariat, Pacific Economic Cooperation Council (PECC) and The Pacific Island Forum (PIF) also attended the meeting as observers, together with the Apec Business Advisory Council (ABAC).

The Honorable Dato’ Seri Mohamed Azmin Ali, Senior Minister for Economy and the Minister of International Trade and Industry of Malaysia served as Apec 2020 AMM chair.