ASEAN retreat to focus on minimizing trade frictions
THE upcoming Association of Southeast Asian Nations (ASEAN) Economic Ministers Retreat will tackle minimizing trade barriers as a response to the ongoing fuel crisis and the uncertain global trade environment, the Department of Trade and Industry (DTI) said.
“It is important that our actions, responses to the ongoing conflicts must be synchronized so that we work together to address these challenges,” Trade Undersecretary Allan B. Gepty said at a briefing late Thursday.
“We cannot afford to have a separate approach in addressing this conflict.”
The 32nd ASEAN Economic Ministers Retreat will take place on March 13 in Taguig City.
The meetings will focus on ensuring that the ASEAN supply chain remains free of disruption and open for trade and investment.
Mr. Gepty noted that policy measures that ASEAN will adopt should align with the regional economic integration agenda.
ASEAN states “must avoid measures that will be considered… non-tariff or trade barriers,” he added.
Mr. Gepty noted that geopolitical uncertainty or international emergencies often push countries to adopt measures that prioritize their domestic needs.
“As much as possible, we have to refrain from adopting and implementing measures that will restrict trade in the process,” he said. “We have to make sure that the supply chain, particularly for energy, food, and other vital sectors, remains intact.”
The Philippine Statistics Authority reported that Philippine exports to ASEAN grew 1.2% year on year in January to P966 million.
Over that period, imports from elsewhere in the bloc declined 8.9% to P2.77 billion.
The regional bloc’s core principles point to the need to take a common stance to crises like the war in Iran, Mr. Gepty said. — Beatriz Marie D. Cruz
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