MANILA -- The Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) Philippines has lauded the policy reforms presented by the country in the Trade Policy Review (TPR) of the World Trade Organization (WTO), noting that these are consistent with APEC's goal of inclusive globalization.
In a statement Wednesday, ABAC member and magnate Lance Gokongwei said the reforms proposed by the Philippine government reflect the country’s economic openness.
During the WTO policy review in Geneva last March 26-28, Trade Undersecretary Ceferino Rodolfo presented trade and economic policy reforms instituted by the Philippines from 2012 to 2017. Key reforms implemented during this period include the Customs and Tariff Modernization Act, the Philippine Competition Act, Republic Act (RA) No. 10641 that liberalizes the banking sector, and RA 10668 that allows foreign vessels to transport and co-load foreign cargoes for domestic transshipment.
Rodolfo also presented the country’s ratification of international trade agreements, such as the Trade Facilitation Agreement in 2016, as well as the Philippines-European Free Trade Association Free Trade Agreement and Philippines-European Union Partnership and Cooperation Agreement.
“The positive feedback and outcome of our country’s most recent TPR shows the Philippines’ economic openness and determination to contribute its share to global growth. It also gives us a stronger position to advocate for greater reciprocity for our local products and services to gain more access to APEC markets,” Gokongwei said.
To complement the efforts of the public sector, ABAC Philippines has begun to outline work programs relevant to issues of trade facilitation, particularly addressing issues on non-tariff barriers (NTBs) and to improve the services sector. “We can help gather views from industry players and stakeholders on the impact of NTMs (non-tariff measures) and NTBs on identified local products to provide inputs to the Philippine government’s trade policies," he added.
Addressing these NTMs will greatly contribute to our inclusive growth agenda through improved trade and investment performance,” added Gokongwei, who also heads the NTB work program of ABAC Philippines.
ABAC Philippines noted that addressing the issues on NTBs is also aligned with the vision of the APEC and the WTO of inclusive globalization. (PNA)
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