As the Philippines joins “the uncertainty in global economic recovery and unfair trade practices,” the Department of Trade and Industry has gathered think tanks from different sectors to address the emerging challenges of the modern times.
Dubbed “One Country, One Voice (OCOV), the agency launched the forum “to seize opportunities amidst the challenges of international trade.”
Led by Trade Assistant Secretary Allan Gepty, the OCOV forum brought together thought leaders and practitioners from the government, academia, businesses, embassies and civil society to exchange views on current issues on international trade.
It also became the venue for identifying ways on how to approach the challenges and make them serve the country’s interests.
“International trade is a key driver for growth. It promotes prosperity and contributes to the alleviation of poverty in a country, at the same time giving it the capacity to influence the global economy,” Lopez said.
In a press conference at the New World Hotel where the forum was held, the trade secretary noted how the Organization for Economic Cooperation and Development (OECD) forecast the world gross domestic product (GDP) for 2019 and 2020.
The organization revised the growth forecast down to 3.2% and 3.4% respectively. Records show that the global economy grew by 3.6% last year.
Gepty further quoted the World Bank as saying the mounting protectionism could translate into a possible annual decline in global trade of 9% or over $2.6 trillion relative to the baseline in 2020.
“Nonetheless, the Philippines continues to remain resilient from the negative effects of global trade tensions. In the second quarter of 2019, the country became the second-best performer in terms of exports among ASEAN.
Senate Economic Affairs Committee Chairman Imee Marcos was among those who guested in the event.
Others included former Trade and Industry Secretary Gregory Domingo and former Chief Negotiator of the Office of the US Trade Representative, Ambassador Ron Sorini, who also joined the press conference.
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