MANILA – President Rodrigo Duterte on Friday called on his fellow Asia-Pacific Economic Cooperation (APEC) leaders to pursue “bold and collaborative” responses to beat the coronavirus disease 2019 (Covid-19) and speed up global economic recovery.
Duterte made the call as he acknowledged that coronavirus-hit countries have yet to fully contain Covid-19.
“Comprehensive recovery remains elusive. Our peoples continue to suffer,” he said during the 2021 APEC Informal Leaders’ Retreat held through a video conference. “We need bold, collaborative responses to get us back on the path of growth and prosperity.”
To facilitate economic recovery, Duterte said APEC economies must promote “resilient” global value chains and ensure the “free” movement of goods and peoples.
He also emphasized the importance of the eventual realization of the Free Trade Area of the Asia-Pacific (FTAAP), drawing elements from the Regional Comprehensive Economic Partnership Agreement and other regional pacts.
The FTAAP is a proposed free trade agreement among the 21 APEC economies.
Duterte likewise sought the full participation of micro, small, and medium enterprises (MSMEs) in the digital economy as the pandemic has accelerated the shift to electronic commerce (e-commerce).
“After all, APEC is home to more than 100 million MSMEs. They are drivers of economic growth,” he said.
Debt sustainability
Duterte also pushed for coordinated policy responses to ensure debt sustainability, noting that Covid-19 has compelled many countries, including the Philippines, to ramp up fiscal spending on mitigation and recovery measures.
As a result, debt among many developing countries has increased, he said.
“It is crucial that we ensure debt sustainability to avert volatilities in global financial markets. We must coordinate policy responses to prevent sudden swings in interest rates that could affect debt servicing,” the President said.
‘Future-proof’ the region
Duterte lamented that global and domestic mechanisms remain inadequate to address “systemic shocks of great magnitude” amid the pandemic.
The APEC, he said, should ensure that the region is “future-proof.”
“Covid-19 will not be the last disruptive event that humanity will face,” Duterte said. “It is our collective obligation to future-proof our region. We can do this by harnessing technology and innovation through enhanced multilateralism.”
He added that APEC economies must take the initiative to facilitate international travel while safeguarding public health.
“It is about time that we consider arrangements on the use of internationally recognized digital vaccination certificates that are scientific, verifiable, and non-discriminatory,” he added.
Address unequal vax distribution
During the APEC Informal Leaders’ Retreat, Duterte also raised the Philippines’ concern over “the increasing North-South divide between the ‘vaccine-haves’ and ‘have-nots’.”
To address the apparent imbalance in the distribution of vaccines, he called for “equitable” access to safe and effective vaccines.
“We are aware that more than 80 percent of Covid-19 vaccines have gone to rich countries, leaving the rest of us in the developing world with so little to get by. This great imbalance in vaccine access needs to be rectified. Vaccine nationalism must end,” Duterte said.
Given the emergence of new Covid-19 variants, he stressed the importance of having a stronger collaboration in the development, manufacturing, and distribution of vaccines, therapeutics, and medical supplies.
“I say this in earnest: we must get our priorities straight. How can nations have stockpiles of weapons that can destroy us all but not have ready reserves of life-saving vaccines and medical supplies for sharing that can save us all? Surely, it is wiser to invest in building paths to recovery rather than in roads to perdition,” Duterte said.
The President also called on APEC economies to resist imposing barriers on the free flow of vaccines and related essential products and instead stabilize Covid-19 vaccine prices to make them more affordable to developing countries.
The Retreat, chaired by New Zealand Prime Minister Jacinda Ardern, gathered leaders of APEC member economies to exchange views on opportunities for Covid-19 cooperation.
The 21 member economies of APEC are Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.
Foreign Affairs Secretary Teodoro Locsin Jr., Trade Secretary Ramon Lopez, Socioeconomic Planning Secretary Karl Kendrick Chua, and Senator Christopher Lawrence Go joined Duterte at the virtual event. (PNA)
