Apec economic ministers worried about protectionism

9:55 pm | Saturday, September 8th, 2012

Trade Secretary Gregory Domingo. Photo from dti.gov.ph

VLADIVOSTOK, Russia – Philippine economic managers and their peers in the Asia-Pacific region are worried that more countries would put up more bariers to trade as the world’s economic growth cools down.

“There were statements during the ministerial discussions that there’s increasing protectionism. So the ministers said that this is something that member-states should really try to avoid doing,” Trade Secretary Gregory Domingo said at a press conference here after the President Aquino’s meetings with the leaders of Singapore and Chile.

“There’s concern around the table that the weakness that‘s being experienced in Europe, in particular, also in the US and the slowdown – a little bit of a slowdown – in China,” he added.

Socioeconomic Planning Secretary Arsenio Balisacan said that the Philippines and other Apec members wanted to make sure that their partners would not take a protectionists stand in the wake of the current euro crisis and the slowdown of some countries like China.

“We are espousing the position that we need to solve the problems that are facing our domestic economies in a way that we will not curtail the expansion of trade,” said Balisacan.

In a joint statement issued after their two-day meeting, the Asia-Pacific Economic Conference (APEC) trade ministers said: “We noted with concern the International Monetary Fund’s downward projection for global growth for this and next year and the rise in protectionist instances around the world. These developments increase the urgency of further action to keep markets open.”

The Apec trade ministers appealed to the to the World Trade Organization to beef up its monitoring of trade-distorting or protectionist measures as countries have become craftier in coming up with new policies that appear to be consistent with the rules but were actually barriers to trade and capital.

Domingo said that the Philippines was among those countries who have adhered to the WTO’s policies.

“We’re actually considered as having good behavior,” Domingo said.

During the Apec meeting, Domingo said members endorsed the tariff reduction on 54 items under environmental goods and services to a maximum of five percent by 2015.

For the Philippines, Domingo said this would affect, on one hand, local manufacturers of boilers and condensers, waste incinerators and water purifiers. On the other hand, Domingo said, this would benefit the country’s exports of TV cells or solar cells, parts of solar water heaters, filtering machines, machines for waste water management, air quality monitors and automatic voltage regulators for renewable energy applications.

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Tags: APEC , apec summit , Business , Economic ministers , protectionism

kayanatwo

08sep2012

the on going economic slow down and continuous dismal job prospects for the millions of jobless citizens from the united states and euro-nations now became the priorities of govt. leaders from both sides of the atlantic to seeks for necessary effective remedies.

the u.s govt.now are providing corporate tax-incentives efforts or inducements for the companies that outsource or move its factory to mainland china, and asean nations to move their operations back to u.s.

the euro-nations are all in the same boat with united states. the economic turmoils that presently affected greece, spain, and portugal would at least takes years to correct and run its course. in the mean time, the leaders from these nations have to put some quick solution to solve the economic problems that beset the middle and working class’ disappearing financial security.

“protectionism” is a dirty words for the “asean” nations, whose half of the economic up-tick relied heavily on the WTO mandates on international trade practices. but, the homegrown economic woes from the countries like united states or spain, i.e. trade deficits or house mortgage melt-down — has to be address by the leaders from these industrialized economic power house.

economic advisers for the u.s. govt. leaders are now looking into home turf protection. and job problem corrections could lead to inevitable” market and trade protectionism”.

for juan dela cruz sakes, the phil. govt. leaders must expend their energy to find ways to invest more on potential job creating industries like oil/gas exploration and drilling, mining and agri-business ventures. these are job creating industries that are mostly free from the global market instability, and our country’s vast natural resources are barely invested to discover its full economic potential.
Touch_Me_Nuts

As novel the idea was, globalization resuscitated fledgling economies, but came back to haunt bigger partners. The lure for bigger profits from emerging economies cannot just be abated. Consumer oriented multinational corporations crisscrossed the vast oceans. But nations are like people, and in times of global economic slowdown, survival is a natural consequence. With the need to protect the home front, protectionism is now resorted to which causes the slowdown even magnified. As in the last big war, widespread economic protectionism was a precursor. The world economy needs a breather for it to come back. To revive the market, it calls for adjustments to attract fresh investments and to correct the imbalance. Out of fear, unchecked and frantic chaos result in the process. These are interesting and trying days.

Apec economic ministers worried about protectionism

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