MANILA -- The Philippine government reiterated its support for open and free trade in the region even as the Asia Pacific Economic Cooperation (APEC) 2018 Summit concluded with some hotly debated trade issues still unresolved.
Department of Trade and Industry (DTI) Secretary Ramon Lopez said President Rodrigo Duterte was able to clearly convey to participants his support of free, open, and fair trade.
Lopez said that a free, open, and fair-trade leads to more opportunities for businesses and creates more jobs for Filipinos.
“This is needed to uplift the quality of life and reduce poverty in the country,” he noted.
Despite the lack of consensus between the 21 APEC leaders during their meeting in Port Moresby, Papua New Guinea last weekend, the DTI chief said member economies will probably reach an agreement in future APEC summits.
He added that the non-issuance of a joint statement depicts the current global trade environment.
“I believe that trade policies and relations change, and time heals. What may be disagreeable now can be agreeable in the future,” Lopez said.
“There is a common adherence to WTO (World Trade Organization) and the need to have rules-based trading organization. But there’s recognition as well of various international trading systems, the regional and sub-regional trading organizations such as ASEAN or the future RCEP (Regional Comprehensive Economic Partnership) or CPTTP (Comprehensive and Progressive Trans-Pacific Partnership), which are also rules-based,” he added.
Papua New Guinea Prime Minister Peter O’Neil, who is also the APEC Summit 2018 chair, was quoted saying that “the World Trade Organization and reform of the World Trade Organization” was the main issue preventing from leaders to issue a communique.
“APEC has got no charter over the World Trade Organization, that is a fact. Those matters can be raised at the World Trade Organization,” O’Neil said.
It was reported that the trade friction between China and the United States derailed APEC consensus. (PNA)
