Marcos pushes for Asia Pacific free trade agreement

BANGKOK, Thailand — President Ferdinand “Bongbong” Marcos Jr. on Friday pushed for a free trade agreement among member economies of the Asia Pacific Economic Cooperation (APEC), citing its importance on the economy and addressing the COVID-19 pandemic.

In a working lunch during the APEC Economic Leaders’ Week, Marcos called for the need to boost global trade as this had been a central feature in addressing the pandemic and supporting economic recovery.

“We have many opportunities within member economies to promote free trade,” Marcos told global leaders.

“Fostering open markets with predictable and fair rules and a functioning system to adjudicate disputes are the hallmarks of a responsive and relevant multilateral trading systems to build a robust global economy towards greener, more inclusive, and resilient societies,” he added.

This comes as Thailand — the host of this year’s APEC Summit — hopes to push forward the discussion on the Free Trade Area of the Asia Pacific (FTAAP), which seeks to put forth trading frameworks within the member economies of the APEC.

The APEC’s 21 members include Australia, Brunei Darussalam, Canada, Chile, the People’s Republic of China, Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.

“A free, fair, open, and non-discriminatory, transparent, inclusive, and predictable trade and investment environment would have economies practice responsible policy-making that is crucial in ensuring that everyone can fully participate and benefit from trade,” Marcos said.

In a separate press conference, Multilateral Affairs and International Economic Relations Assistant Secretary Eric Gerardo Tamayo said the revitalization of discussions on the FTAAP is among the “dynamic priorities” in the post-COVID-19 economy. —NB, GMA Integrated News