THE aftermath of the bilateral talks between economic superpowers-the United States and China-at the ongoing 32nd Asia-Pacific Economic Cooperation (APEC) in South Korea, can make or break the Philippines’ business deals at the sidelines of the international forum, according to President Ferdinand Marcos Jr.
The chief executive said he is eagerly waiting for the result of the meeting between US President Donald Trump and Chinese President Xi Jinping since it will ‘color everything’ he will engage in at the Summit.
‘Because the agreements or the arrangements that are made between the two of the largest economies of the world will certainly affect every citizen of the world, and so that makes this APEC meeting much different from others that we have attended,’ Marcos said in his predeparture statement at the Villamor Airbase in Pasay City on Thursday.
Trump initiated a trade war with China earlier this year when he imposed additional tariff on all of US trade partners. Beijing retaliated by slapping its own tariffs on its American imports.
The US-China trade war as well as the tariffs imposed by the US have resulted in a bullish economic outlook in the coming months.
As the chair of the Association of Southeast Asian Nations (ASEAN) next year, he will try to impress on APEC participants that ‘working in silos impede the region’s potential.’
‘Real growth and lasting prosperity are achievable when we break down barriers, share knowledge, and collaborate across sectors, industries and communities,’ the chief executive said.
Marcos said the end of the trade war between the two APEC members will be crucial in spurring global economic growth, since the regional bloc accounts for 46 percent of the global trade in goods and commercial services, and generates roughly 61 percent of global gross domestic product.
‘This means that the growth and stability of this region are directly tied to the opportunities and welfare of all Filipinos,’ he said.
This year’s APEC Summit, from October 30 to November 2 in Gyeongju, South Korea, has the theme: ‘Building Sustainable Tomorrow: Connect, Innovate, Prosper.’
Two sessions of the APEC Economic Leaders Meeting will finalize four outcome documents: the leaders declaration as well as three statements on artificial intelligence, on demographic change and cultural creative industries.
Marcos said these APEC initiatives are aligned with his administration’s priorities, particularly on promoting digital services and financial inclusion, seamless movement of people and goods through infrastructure investments, and supply chain resilience.
During the Summit, Marcos will also attend the Leaders’ Dialogue with the APEC Business Advisory Council (ABAC) and deliver a speech at the APEC CEO (chief executive officers) Summit, where he will promote the Philippines as an investment destination geared towards a ‘innovation-driven economy.’
‘The Philippines is not merely ready. We are a reliable, forward-looking partner in the Asia-Pacific. Invest in the Filipino,’ Marcos said.
In Korea, he will also meet with members of the Filipino Community in Busan and with business leaders and executives from sectors such as semiconductors.
He will cap his trip with a wreath laying and tree planting ceremony at the United Nations Memorial Cemetery in Busan to honor the 7,420 Filipino soldiers who fought during the Korean War.
Marcos’ flight left Manila at 12:45 am and arrived in South Korea at 5 pm (Korean time) Gim Hae International Airport.
The President designated Executive Secretary Lucas P. Bersamin, Department of Agrarian Reform Secretary Conrado M. Estrella III and Department of Education Secretary Juan ‘Sonny’ M. Angara as caretakers of the government until he returns from South Korea.