BANGKOK – The United States and China must take the “high road” and resolve their trade differences before the conflict spirals out of control, President Duterte said during a regional summit here.
The President made the appeal at the start of the Association of Southeast Asian Nations plenary summit last Saturday after expressing concern that the trade skirmish between the two giant economies was affecting world growth.
“The trade war between the United States and China is creating uncertainty. It is taking a toll on global growth. And it could hinder the ongoing processes of economic integration,” Duterte said during the closed-door summit talks in Bangkok. “The US and China must both take the high road and resolve their differences before the situation spirals out of control,” said Duterte.
Amid the trade dispute between the US and China, the President also called on the regional bloc to uphold the open and rules-based multilateral trading system and reject the “zero-sum approach” to international economic relations.
“Our cooperation has brought greater peace and stability and progress to our peoples for decades. ASEAN has taken its rightful place – the driver’s seat – in key regional mechanisms for security, stability, and sustainable development,” he said.
The 10-member ASEAN has stepped up efforts on the Regional Comprehensive Economic Partnership and aims to finalize the trade pact by November. The agreement, involving the regional bloc and six other nations, would be the world’s largest free trade deal.
“We in ASEAN must strengthen our support for a rules-based and open multilateral trading system,” Duterte told fellow leaders gathered at the regional summit. “In pursuit of growth, we should be partners, not competitors,” he said.
He noted that the Philippines supports the ASEAN Single Window, a concrete initiative towards a seamless cross-border trade.
To attain inclusive, equitable, and sustainable development, Duterte also called on the bloc to invest in people, its greatest resource. “To this end, the Philippines supports the establishment of an ASEAN Technical and Vocational Education and Training Development Council,” he said.
Recognizing that Micro, Small, and Medium Enterprises are the backbone of ASEAN economies, Duterte also urged the bloc to help MSMEs harness digital technology so they can play a bigger role in the global value chain. (Genalyn Kabiling)