The Philippines tackled the impact of technologies on trade, easing investments worldwide, and the future of trade and global economic interdependence in various fora at the 50th World Economic Forum on January 21 to 24 in Davos, Swtizerland.
Trade Secretary Ramon Lopez attended seven sessions and bilateral meetings four of which are related to World Trade Organization (WTO) events where he communicated the Philippines’ position on pressing trade matters like investment rules, electronic commerce (e-commerce), fishery subsidies, among others.
At these WTO meetings, Lopez highlighted the Philippines’ vision of having a more inclusive globalization where bigger economies extend support and market access to smaller economies to ensure that trade benefits all, especially developing countries.
At the ministerial gathering on the Joint Initiative on Investment Facilitation for Development which seeks to craft new WTO rules to propel investment flows worldwide, Lopez batted for improved transparency and predictability in investment rules, the easing of administrative procedures, the enhancement of international cooperation, sharing of best practices, and prevention of disputes.
At that gathering, Philippines announced that it is joining the 98 other WTO members in negotiations towards new rules on investment in the WTO.
Lopez also represented Agriculture Secretary William Dar at a ministerial meeti1ng of the Cairns Group, a group of non-subsidizing agricultural exporters that seek to reduce distortions in markets primarily caused by known heavy subsidizers of production and trade.
In his statement, Lopez called on members to improve notifications, since reforms in subsidies will only be as good as the baseline data from which reductions will begin.
He also appealed for reforms in the area of market access to help countries like the Philippines reverse the damage that highly subsidized farm products from abroad cause Filipino farmers.
At the ministerial meeting on e-commerce, the Philippines also officially announced its participation in the ongoing drive of more than 80 WTO members in crafting future rules on e-commerce in the WTO.
These rules are founded on the following broad themes: facilitating electronic transmissions, non-discrimination and liability, consumer protection, and transparency and cooperation, among others.
Lopez highlighted the enabling platform that e-commerce presents especially to micro, small and medium enterprises and the related initiatives on investments and trade facilitation.
At the ministerial gathering in preparation for the 12th WTO Ministerial Conference, Lopez shared his views on ongoing reform proposals in the WTO.
This covered transparency and notification, the functioning of WTO bodies, and the treatment of developing countries. He also made a pitch for the existing negotiating mandate in agriculture under the 19-year-old Doha Development Agenda (the Doha Round).
The Philippines reiterated its support for the negotiations on e-commerce and investment facilitation for development, which are joint initiatives of a large proportion of WTO members aimed at inclusive globalization and shared prosperity for all.
Lopez gave special attention to the critical phase of negotiations on disciplines on fisheries subsidies and called for complete prohibition of subsidies to IUU (illegal, unreported and unregulated) fishing and tight disciplines on subsidies that encourage overcapacity and overfishing, all of which contribute to resource depletion.
Lopez also backed the fishery-dependent archipelagos’ need for policy space, since archipelagos like the Philippines hardly subsidize, yet need to allow small industries to develop, as well as help fisherfolk with their livelihood.
Lopez also held bilateral meetings with Edward Yau, Hong Kong’s secretary for Commerce and Economic Development, and the trade ministers of Japan, Korea and Chile to discuss ways to enhance trade and investment relations, and the drawing up of special trade agreements on the last two.
Lopez also met with the chief executive officers of Tyson Foods, Procter & Gamble and Novartis to advance business interests of the Philippines.
