Marcos calls for restoration of WTO dispute settlement mechanism

GYEONGJU, South Korea — President Ferdinand "Bongbong" Marcos Jr. on Friday called on member-economies of the Asia-Pacific Economic Cooperation (APEC) to give utmost priority to the full restoration of a dispute settlement mechanism in the World Trade Organization (WTO). 

During his intervention at the APEC Economic Leaders' Meeting, Marcos said the Philippines recognized that the global economic environment has changed, noting that the need to be responsive, dynamic, and forward-looking.

"The Philippines calls on economies to prioritize the full restoration of the dispute settlement mechanism and the Appellate Body at the World Trade Organization (WTO)," Marcos said. 

"Without a functioning dispute settlement mechanism, small economies would be at a disadvantage," he added.

According to Marcos, rules are a potent equalizer for small economies. 

"Let us also support advancing new and forward-looking disciplines that will enable trade to flourish in the digital era and create better conditions for our businesses," he said.

The WTO is the only global international organization dealing with the rules of trade between nations. Its goal is to ensure that trade flows as smoothly, predictably and freely as possible.

The Philippine President emphasized that the APEC's enduring strength lies in its capacity to bridge differences, build capacities, and foster trust among member economies.

"Through deeper regional economic integration, we can help each one of us, large or small, adapt, innovate, and prosper together," he said.

He assured that Manila is ready to work with all APEC economies and partners "to uphold an open, connected, and future-ready region, one that remains resilient not just in times of uncertainty, but also in the pursuit of shared prosperity." — VDV, GMA Integrated News