UK urges developing nations to liberalize economies

MANILA, Philippines – The United Kingdom urged developing nations to liberalize and open their market to spur faster economic growth.

British Foreign Secretary Philip Hammond made this pitch during his visit to Manila as part of his three-leg visit to East Asia.

Hammond said liberalizing markets would benefit consumers and people seeking jobs everywhere in the world.

“They stimulate jobs, economic growth, they raise living standards. There is always some short term, temporary dislocation when markets are opened and trade is liberalized,” Hammond said in a briefing following his meeting with Foreign Affairs Secretary Albert del Rosario.

“Yes, of course, there are losers and winners but overall there’s no doubt that open markets and free trade delivers fast economic growth and raise living standards and my advise to any developing economy is to liberalize and open your market as fast as you can because that is the way you create jobs and for prosperity. That’s essential for your economic future,” he added.

Hammond’s first official visit to the Philippines comes as the UK and Philippines mark 70 years of diplomatic relations this year.

During his visit, Hammond met with President Benigno Aquino III to discuss the growing strategic partnership between the UK and the Philippines as global and regional challenges threaten security and prosperity, including global efforts to tackle extremism.