8 July 2005 – Ambassador Manuel A. J. Teehankee of the Philippine Mission to the World Trade Organization (WTO) in Geneva, Switzerland, reported to the Department of Foreign Affairs that the Philippines has completed its Third Trade Policy Review in the WTO, an exercise in which a member country’s trade and trade-related policies are examined and evaluated at regular intervals, and any significant developments that may have an impact on the global trading system are also monitored.

The Review took place from 5 – 7 July 2005.  The last Philippine review was conducted in 1999.

The Philippine delegation was headed by Department of Trade and Industry (DTI) Senior Undersecretary Thomas G. Aquino, Chairman of the Technical Committee on WTO Matters.  The delegation was composed of senior officials from the DFA, the DTI, the Department of Agriculture, the Tariff Commission, the National Economic and Development Authority, the Bangko Sentral ng Pilipinas and officers of the Philippine Mission to the WTO.

Ambassador Teehankee said, “the discussions were open and frank, contributing to a better understanding of Philippine trade and investment policies by our trading partners in the WTO.”

In a statement, the Review Discussant, Ambassador Burhan Gafoor of Singapore, while raising a number of concerns and issues, praised the Philippines for moving in the right direction, towards reform and liberalization, saying, “I am encouraged by the initiatives being undertaken, not just in selected areas, but across sectors and in a holistic approach.  It is important as it provides a degree of confidence about the direction of the Philippine economy and trade policy is heading for the long haul.”

During the discussions, the Philippines reiterated its support for an open, transparent, predictable and competitive multilateral trading system.  Delegation Leader Undersecretary Aquino, however, also argued “for tariff policy space that allows any member to manage tariff liberalization through time, and at the same time deliver real market access to all interested trading partners.”

The Chairman of the Trade Policy Review Body, in his concluding remarks, expressed the appreciation of Members for the Philippine Government’s reform efforts, particularly concerning trade liberalization, fiscal consolidation and privatization.  He encouraged the Philippine Government to continue its reform process and strong support for the Doha Development Agenda.

The meeting in Geneva was the culmination of a long process that began in 2004 with the preparation of a Report on Philippine Trade Policy by the WTO Secretariat, supplemented by a counterpart Philippine Government Report submitted in April 2005.

Ambassador Teehankee, however, remarked that the review process is not limited to allowing other WTO members to scrutinize Philippine trade policy.  He said that the exercise “is a periodic opportunity for Government to internally reflect on our trade and investment regime in the context of our commitment to the multilateral trading system while constantly bearing in mind our developmental needs and imperatives.”  END
 
 
 

/jay