Phl calls for WTO reforms

The country’s chief negotiator in all free trade agreements (FTAs) is asking counterpart nations to initiate reforms in all World Trade Organization (WTO) functions, as aired during the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) held in Lima, Peru, last week.

Speaking at the meeting on 14 November, Trade Undersecretary for the International Trade Group Alan Gepty restated the Philippines’ unwavering commitment to the WTO for global trade and development.

Gepty also underlined the continued relevance of the Free Trade Area of the Asia-Pacific (FTAAP) to APEC’s regional economic integration endeavors.

Moreover, Undersecretary Gepty called on fellow APEC members to work together for the necessary reforms and to strengthen all WTO functions, including ensuring the effective implementation of new rules and disciplines, and initiatives such as investment facilitation, services domestic regulation, the Fisheries Subsidies Agreement, and e-commerce.

Since January 1995, the Philippines has been a member of the WTO.

For the FTAAP, Undersecretary Gepty urged the member economies to build from the various FTAs and economic partnerships that have been forged.

He added that common elements from the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) can be integrated to establish an APEC community with common or harmonized rules.

“As we navigate an increasingly complex and interconnected global landscape, it is important that we prioritize both traditional and contemporary trade and investment issues to build a strong foundation for our eventual economic integration,” Gepty said.

The FTAAP involves the 21 Pacific Rim nations that are part of APEC, a forum created in 1989 to promote free trade in the Asia-Pacific region.

Ensure economic integration benefits

Meanwhile, Trade Secretary Cristina Roque, tapped by President Ferdinand "Bongbong" Marcos Jr. as his Special Envoy to the APEC 2024 Economic Leaders’ Meeting (AELM), highlighted APEC's role as an incubator of ideas, stressing the importance of leveraging the forum's diverse membership to foster learning and growth among member economies.

Roque further called on APEC to ensure that the benefits of economic integration are felt at the domestic level and shared by all segments of society, including vulnerable and underrepresented groups, as well as rural communities.

“The future of APEC as an institution and the welfare of our region depends on our ability to work together. Let us strengthen partnerships, champion innovation, and prioritize inclusivity. Through our work, we can navigate the complexities of the global economy and emerge as a stronger, more resilient region for all,” Secretary Roque stated.

Led by H.E. Dina Boluarte, President of the Republic of Peru, the AELM provided a platform for APEC leaders to engage in a productive dialogue with representatives from the United Arab Emirates, the United Nations Food and Agriculture Organization, and the Development Bank of Latin America and the Caribbean.

The leaders and representatives shared ideas on ways to promote economic and technical cooperation within the Asia-Pacific region under the overall theme of “Empower. Include. Grow.”