Estrada calls for continued free trade principles
Asian economies and their major trading partners must maintain their commitment to free and open trade principles or risk further economic retaliation and belligerence from the United States, Philippine President Joseph Estrada warned yesterday.
Speaking in Hong Kong, Mr Estrada delivered a blunt assessment of the challenges facing Asian economies as they start the process of recovery and how the region's leaders had to take into account the US when negotiating trade deals.
Strong commitment to liberalisation was vital to keep the US interested in open partnerships, he said.
'US retaliation for errant trading partners and belligerent US postures in WTO negotiations will become more pronounced if Washington gets more and more attracted to unilateralism,' Mr Estrada told the Pacific Basin Economic Council international general meeting.
'The basic goals of all Pacific Basin societies are pretty much the same,' he said.
'We all want our peoples to live under a regime of peace and prosperity.' Mr Estrada echoed the sentiments of other speakers in calling for greater transparency in financial regulation to facilitate the broader creation of wealth.
He said he supported the efforts of international financial institutions to make themselves better equipped to monitor and enforce new rules.
'We must also guard against complacency, especially once things are going well again and commit to make the surveillance system a positive tool for global economic health and welfare.' He praised his predecessors in government for shielding the Philippines from the worst excesses of the regional financial crisis.
'While we were not among the first to enjoy the boom, we were also not among the ones hit hardest by the bust.' Meanwhile, Philippines Financial Secretary Edgardo Espiritu ruled out a sovereign bond issue this year, but suggested that there might be one next year.
