Local firms urged to be more competitive

Trade and Industry Secretary Manuel Roxas II reiterated yesterday his appeal to the business community to enhance the competitiveness of domestic industries in preparation for the next round of World Trade Organization (WTO) meetings.

During a post-Cancun briefing to officers of various business organizations, Roxas pointed out that the Philippines, along with other developing nations, have merely bought some time before new agricultural and trade liberalization policies are imposed by the WTO.

"Developing nations like us bought time in Cancun and how we use that time to enhance our competitiveness is crucial at this point. We can’t afford to be left behind," Roxas said.

The business sector, for their part, highlighted the need for a mechanism that would help supervise the needed reforms in the domestic sector in the face of a liberalized trading environment.

Furthermore, the business sector also acknowledged the need to challenge presidential, senatorial and congressional candidates on their views of what further reforms should be undertaken to strengthen the domestic sector.

The Philippine delegation, led by Roxas, had worked hard in ensuring that the Philippines’ interest was heard and protected during the 5th WTO Ministerial meeting in Cancun, Mexico early this month.

If there had been agreement in Cancun, developing countries would have been forced to undertake further agriculture tariff liberalization as well as non-agricultural tariff reductions.

Likewise, developing countries would also be forced to fasttrack negotiations on liberalizing their investment policies.

While no agreement was reached in Cancun, another WTO meeting is scheduled in December wherein developed nations are expected to be able to finally push their liberalization agenda.