Marcos to APEC: Restore WTO dispute body to protect small economies
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- 9 hours ago
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From the Website of PNA NEWS
Marcos to APEC: Restore WTO dispute body to protect small economies
GYEONGJU, South Korea – President Ferdinand R. Marcos Jr. urged Asia-Pacific economies
on Friday to push for the full restoration of the World Trade Organization’s (WTO) dispute settlement mechanism and Appellate Body, warning that smaller nations risk being sidelined without a functioning global trade referee.
“The Philippines calls on economies to prioritize the full restoration of the dispute settlement mechanism and the Appellate Body at the WTO,” Marcos said in his intervention at the APEC Economic Leaders’ Meeting here.
“Without a functioning dispute settlement mechanism, small economies would be at a disadvantage. For small economies, rules are a potent equalizer.”
The WTO’s Appellate Body, the final court for trade disputes, has been unable to hear appeals since late 2019 due to a lack of a quorum of members, a situation caused by the blocking of new appointments.
Marcos said restoring the mechanism is vital to upholding fairness, transparency, and openness in the global trading system.
He also called for new, forward-looking rules that address modern trade realities, such as e-commerce, digital trade, and investment facilitation.
“We encourage economies to continue supporting discussions on e-commerce, investment facilitation for development, and services domestic regulation,” Marcos said, noting that these reforms would make trade more inclusive and responsive to rapid technological change.
The Philippines, he added, continues to support negotiations on agriculture and fisheries to strengthen sustainability and food security across the region.
“Through deeper regional economic integration, we can help each one of us – large or small – adapt, innovate, and prosper together,” he said. (PNA)
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