The Philippine government is urging stronger collaboration within Asia-Pacific economies to enhance the multilateral trading system. During the APEC Ministers Responsible for Trade meeting held in Arequipa, Peru, from May 17 to 18, a trade undersecretary called for constructive engagement among APEC economies to address issues such as domestic support and public stockholding.
Despite not achieving all desired outcomes in trade liberalization at the recent World Trade Organization Ministerial Conference, the Philippines sees this as an opportunity to reflect and strengthen collaboration to fortify the multilateral trading system. The trade official emphasized the need to build on positive outcomes by implementing and advancing decisions and agreements from the meeting.
The Philippines reaffirmed its commitment to upholding the role of the World Trade Organization in fostering a rules-based, non-discriminatory, free, open, fair, transparent, and inclusive multilateral trading system. The country also urged APEC economies to engage constructively to resolve domestic support and public stockholding issues, aiming to boost the agriculture sector.
APEC Trade Ministers also discussed issues affecting the Free Trade Area of the Asia-Pacific, especially amid prevailing global economic conditions and rapid technological advancements. The trade official highlighted that the Free Trade Area should be seen in the context of regional cooperation and economic integration, facilitating trade and creating opportunities for inclusive growth and development.
Peru's APEC chairmanship this year prioritizes addressing informality, with member economies working on a roadmap to facilitate the transition to formal completion before the November APEC Leaders' Summit. The meeting also focused on enhancing economic and technical collaboration across the Asia-Pacific region. The Philippines advocated for broader trade inclusion and support for micro, small, and medium enterprises, as well as women, persons with disabilities, youth, and the elderly.
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