THE Philippines and Papua New Guinea (PNG) agreed to create a Joint Economic and Trade Committee (JETC) on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Port Moresby Saturday, Trade Secretary Ramon M. Lopez said.
In a televised briefing in Papua New Guinea on Sunday morning, Mr. Lopez said both countries have “signed a memorandum of understanding (MoU) to promote joint economic trade cooperation,” referring to the JETC which his department and the PNG Ministry of Foreign Affairs signed last Saturday.
In a statement, the Department of Trade and Industry (DTI) said the JETC “sets up the mechanism that will enhance trade and economic relations with the PNG.”
Under this committee, which will be co-chaired by representatives from the DTI and the PNG National Trade Office, both parties will “exchange information on trade, investment, economic issues or concerns, relevant laws, regulations and policies.”
Both countries will also “explore and identify sectors where cooperation may be expanded and intensified and accordingly propose measures and recommendations thereof, [and] recommend to their respective governments measures aimed at the expansion and diversification of trade, investment and other related matters.”
The committee will also “identify possible cooperative projects and draft proposals for implementation, organize consultations and official visits through delegation(s) or missions to deal with specific economic and trade issues of interest to both participants, ensure proper coordination and expeditious implementation of arrangements concluded under this MoU, and enhance cooperation with relevant business associations.”
At the APEC Summit, Mr. Lopez said the main discussion focused on the digitalization of micro, small and medium enterprises (MSMEs).
President Rodrigo R. Duterte, according to Mr. Lopez, stressed in his remarks during the APEC leaders’ meeting that the Philippines is “a friend to all and enemy to no one.”
He also said that the President pointed to the need to provide proper training for MSMEs and develop the human resource to prepare them for the digitalization of the business sector.
On the United States-China trade war, Mr. Lopez said: “We are a small economy. We’re still enjoying better market access to both countries. We are not affected.”
But he added that “nobody wins in a trade war,” so both parties “will have to go back to the negotiating table and settle differences and agree on new trade terms that are mutually beneficial.”
“Nobody will be in favor of protectionism… [Leaders] are all wishing it would not be the trend moving forward,” he added.
He also noted that there is no need for the Philippines to take sides on US-China trade war. “Those are two big economies. We are a friend to both. We are enhancing our trade relations with China. They have been opening up their market to us. Even the US is opening its market to the GSP (Generalized System of Preferences),” he said. — Arjay L. Balinbin

RELATED ARTICLESMORE FROM AUTHOR