DTI to join global talks on trade ties

Manila, Philippines - The Department of Trade and Industry (DTI) is committed to participate in consultations on trade agreements and investments with member-economies all over the world.

At the recently concluded Asia-Pacific Economic Cooperation (APEC) meeting, Trade Secretary Gregory L. Domingo said they are concerned about finalizing the Doha Round and the need to get more progress on improving supply chains to reduce transaction costs at the border and behind the border.

Domingo joined the recently concluded APEC meeting in Big Sky, Montana, US.

Twenty-one member economies pledged to strengthen talks and negotiations in pursuit of the APEC’s core mission to promote free and open trade and investments.

Trade agreements including the more stringent Trans-Pacific Partnership (TPP) provide a framework for an effective international trading system and instrument in promoting global trade. The TPP agreement is a multilateral free-trade agreement with an objective of creating a platform for promoting economic integration among nations in the Asia-Pacific region. Australia, Brunei, Chile, New Zealand, Singapore, Peru, Vietnam and the U.S. are members of TPP.

Joining the TPP, Domingo said, will give more access and investment opportunities and open up new markets. However, a lot has to be done particularly on standards of labor, environment and liberalization as required by the treaty.

“We are confident of our people’s skills and talents and, with the right policies and programs, we can compete with any country in the world with quality products and services,” he said.

Domingo also expressed strong support for SMEs and micro-SMEs stating that it is one of the government’s priorities during the APEC meeting. The DTI chief said that in improving supply chains to reduce transaction costs, transportation and communication, addressing barriers, and bringing business costs down will help the SME industry. With DTI support, the One Town One Product Program (OTOP) created 33,964 MSMEs in 1,518 municipalities and cities and generated over P 7 billion investments, 12.3 billion domestic sales and US $ 522 million in export.

MSMEs play a key role in the creation of wealth, employment, and income, both in rural and urban areas, promoting a more equitable income distribution.