By Justin Irish D. Tabile, reporter
One analyst said developing countries could use the Asia-Pacific Economic Cooperation (APEC) to diversify their markets due to disruption caused by US reciprocating tariffs.
Rafael J., diplomacy instructor at De La Salle-College of Saint Benilde. Cortez said APEC plays a role in supporting developing countries in dealing with global economic changes.
“APEC serves as an opportunity for the Philippines and other developing countries to advance their respective trade diversification efforts, mindful of the need to not only focus on trade with one or two markets, but to approach it from a multilateral perspective,” he explained. businessworld Through messenger.
“In the case of US reciprocating tariffs, APEC can be a way to protect its member economies that are facing rising tariffs,” he said.
He said that reciprocal tariffs could be “dangerous” to the economic interests of developing countries, which is why APEC should be used to facilitate negotiations.
He said, “APEC[could become]a negotiating forum – because it includes both the US and China – not only to guarantee economic order between the two superpowers, but also to formulate solutions on how such high tariffs can be reduced through joint action.”
He said APEC's commitment to climate action and digitalization will help the Philippines in its climate change-related goals as it assumes the chairmanship of the Association of Southeast Asian Nations.
“It can also provide the necessary support to our policy toolkit to effectively address climate change-related and digital transition-related gaps,” he said.
He said, “As a country that is known for its labor force, such issues can undoubtedly cause disruption in terms of our economic development, so it will be very important to work with APEC countries on these aspects.”
APEC is a regional economic forum established in the late 1980s to take advantage of the growing interdependence of the Asia-Pacific.
It comprises 21 economies – the US, Canada, Mexico, Peru, Chile, South Korea, Japan, Chinese Taipei, Hong Kong, Philippines, Brunei Darussalam, Papua New Guinea, Indonesia, Australia, New Zealand, Russia, China, Vietnam, Thailand, Malaysia and Singapore.
Hansli A., lecturer in political science at the Ateneo de Manila. Juliano warned that US President Donald J. Trump's reciprocal tariffs are “sabotaging” the system established by APEC.
“APEC has long been an area in which the Philippines participates, which is also worrisome considering that the US is basically sabotaging the system because of its domestic politics,” he explained. businessworld Through messenger.
He said, “The United States is actively harming global free trade because of the economic illiteracy of its leaders, (which) not only compromises its own domestic economy, but also ruins the investment and economic opportunities of longtime allies like us.”
“In my view, APEC could perhaps address its Northern Hemisphere centrism by emphasizing greater multilateral representation and relinquishing non-critical neoliberal policy mandates to participating states,” he said.
“It's one thing to indiscriminately impose tariffs on everyone, like the US, but it is wrong to insist on removing all tariffs even for countries whose domestic products will be dominated by larger economies like China and EU member states,” he said.
The US imposed extensive tariffs on its trading partners, including a 19% tariff on Philippine goods entering the US market.
On October 26, US Trade Representative Jamieson Greer said that Mr Trump had secured agreements on reciprocal trade with Malaysia and Cambodia.
Meanwhile, Mr Trump also reached framework agreements on reciprocal trade with Thailand and Vietnam.
“These historic deals demonstrate that the United States can maintain tariffs to reduce the goods trade deficit while opening new markets for American farmers, ranchers, workers and manufacturers,” Mr. Greer said.
Asked for comment, Under Secretary of Trade and Industry Alan B. Gepti said the Philippines and the US are still negotiating their tariff agreement.
,hindi pa tayo tapasOngoing the countrysideMalaysia and Cambodia and tapas na (We are not done yet, negotiations are ongoing. It is Malaysia and Cambodia who have completed the negotiations),'' he said via Viber.
At a Senate budget hearing for the Department of Trade and Industry earlier this month, Mr Gepti said it would be difficult to conclude negotiations within the year, adding that a final agreement was expected next year.
