President Ferdinand “Bongbong” Marcos Jr. on Friday called on Asia-Pacific economies to prioritize the full restoration of the World Trade Organization’s (WTO) dispute settlement mechanism, warning that smaller economies would remain at a disadvantage without a functioning system.
Speaking at the 32nd Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju, South Korea, President Marcos stressed that the WTO’s dispute settlement mechanism and Appellate Body must be fully operational to ensure fairness and predictability in global trade.
“Without a functioning dispute settlement mechanism, small economies would be at a disadvantage,” President Marcos said. “For small economies, rules are a potent equalizer.”
The president urged APEC member economies to support ongoing WTO discussions on e-commerce, investment facilitation for development, and domestic regulation of services, areas he said are vital to inclusive growth.
He also pushed for advancing “new and forward-looking disciplines” that would enable trade to thrive in the digital age and create better conditions for businesses of all sizes.
“Through deeper regional economic integration, we can help each one of us, large or small, adapt, innovate, and prosper together,” Mr. Marcos said.
The Philippines has consistently backed efforts to strengthen multilateral trade systems and modernize trade rules, aligning with its broader goal of ensuring that economic gains benefit both developing and developed economies.
Mr. Marcos is currently in South Korea for the APEC Economic Leaders’ meeting from October 31 to November 1. The two-day summit also features various world leaders, including US President Donald Trump and Chinese President Xi Jinping.
