APEC instils trade liberalization gains in PHL

October 29, 2015 5:42 am 

By Kris M. Crismundo

MANILA, Oct. 28 (PNA) — Among the country’s gains as a member economy of Asia Pacific Economic Cooperation (APEC) are the benefits of trade liberalization pushed in the forum, said Department of Trade and Industry (DTI) Secretary Gregory L. Domingo.

Domingo, during the Kapihan sa Manila Bay on Wednesday, mentioned that the lower cost of goods and better quality of goods were among the outcomes of a more open cross-border trade.

Free and open trade and investment is one of the pillars of APEC to build a dynamic Asia Pacific region.

The DTI chief said liberalizing trade also pressed on domestic producers to be globally competitive and pushed the government to implement better policies that would facilitate local businesses.

“When engaging in free trade, we always keep the interest of local producers. We need to ensure that our industries continue to benefit as well and co-exist with foreign goods,” Domingo added.

He also stressed that APEC provides the country more opportunities to enter trade agreements with other member economies in order to boost trade.

The outgoing DTI secretary cited the country’s bilateral trade agreement with another APEC economy Japan. Two-way trade between the Philippines and Japan has doubled in the past few years through the free trade pact.

“In general, liberalization has given us strong growth in our trade,” he said.

“Definitely APEC is very important because this is one of the few opportunities for our leader, for the Philippines to interact with other economic leaders,” Domingo noted.

He added that the Philippines can pursue trade cooperation with other member economies through APEC hosting.

“They (economic leaders) do have bilateral meetings. You hardly get that unless you will have state visit,” Domingo mentioned.

On Nov. 18 to 19, economic leaders or heads of states of APEC member economies will gather in Manila for APEC Economic Leaders’ Meeting (AELM).

APEC is composed of Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, United States, and Vietnam. (PNA)



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