WTO must aid free trade trend

WTO must aid free trade trend | Daily Tribune

The country’s chief trade negotiator wanted to harness support from other nations to realign World Trade Organization (WTO) functions to support global free trade deals.

During the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting held in Lima, Peru last week, Trade Undersecretary for International Trade Alan Gepty restated the Philippines’ unwavering commitment to global trade order and development under the WTO.

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

He wanted APEC peers to push reforms, while also strengthening WTO’s functions, including ensuring the effective implementation of rules and disciplines, and initiatives such as investment facilitation, services domestic regulation, the Fisheries Subsidies Agreement and e-commerce.

The Philippines has been a member of the WTO since January 1995.

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

Common elements from the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership 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.

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

Ensure integration benefits

Trade and Industry Secretary Cristina Roque, representing President Ferdinand Marcos Jr. as Special Envoy to the APEC 2024 Economic Leaders’ Meeting (AELM), highlighted the annual meeting’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 the 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,” Roque indicated.

Led by Peru President Dina Boluarte, 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.”