PH mulls rules-based trading system in APEC

TRADE Secretary Alfredo Pascual in global trade meeting highlighted the imperative need to keep the market open for trade and investment under a functioning rules-based trading system.

Amid global challenges, including inflation and other uncertainties, Pascual stressed the need to enhance cooperation to achieve a strong recovery together with a view to promote sustainable trade and development.

“Respect and observance of the rules-based trading system is a prerequisite to a conducive open market and a crucial element in promoting trade and sustainable development,” Pascual said during his engagement with trade and foreign ministers from the AsiaPacific region for the 33rd APEC Ministerial Meeting on Thursday in Bangkok, Thailand.

Pascual called on ministers to observe the decisions and agreements made at the 12th World Trade Organization Ministerial Meeting held last June in Geneva, Switzerland. He also expressed the Philippines’ commitment to implement the Fisheries Subsidies Agreement, and its active engagement in the agriculture negotiations and the TRIPS (Trade-Related Aspects of Intellectual Property Rights) waiver, among others.

As a contribution to APEC’s work to build resilient supply chains, the Philippines is leading the initiatives on the safe passage of maritime crew. Maritime crew and seafarers are key actors of supply chains and are responsible in the delivery of essential goods and products.

The DTI chief urged economies to implement “sound government policies and cooperative measures” that will provide for the health and safety of essential workers.

At the Philippine-led Policy Roundtable on the Safe Passage of APEC Maritime Crew, APEC members adopted a set of recommendations to ensure their protection.

Maritime workers are vital to the Philippine economy. They comprise 113.9 million workers and account for $388.6 million of the country’s gross domestic product in 2021, as reported by the United Nations Conference on Trade and Development.

During the meeting, Pascual also shared that the innovation centered strategy of the Philippines aims to attain sustainable and inclusive development. Also, as the champion of micro, small and medium enterprises (MSMEs) in APEC agenda, the Philippines spearheaded the Boracay Action Agenda to Globalize MSME initiative to facilitate MSMEs’ participation in global commerce.

Recognizing the important role of APEC, the trade chief also highlighted its long history of promoting structural reforms to achieve balanced and sustainable growth.

“By fostering transparency and competition in our markets, we can be more resilient to economic shocks and better poised to achieve macroeconomic stability and productivity,” Pascual added.

The APEC Ministers convened in Bangkok, Thailand for the first time since 2019 amid the backdrop of increasing inflation, energy and food crisis, and climate change. They also adopted a statement to outline future work to pursue in APEC 2023 under the US Chairmanship.