Sumary of Philippines joins WTO discussion on services domestic regulation:
- The Philippines has joined the joint initiative on services domestic regulation by the World Trade Organization (WTO).
- In a news statement, WTO said that the Philippines is the 66th member to participate in the said negotiation.
- The initiative now covers over 90 percent of the world services trade.
- “Implementing the new disciplines will help promote regulatory practices that support trade in services and deepen the Philippines’ integration into global value chains,” the intergovernmental organization noted.
- The Philippine delegation, WTO said, shared that the regulations being finalized will complement its Ease of Doing Business and Efficient Government Service Delivery Act of 2018 and regional trade pacts.
- Previously, Trade Secretary Ramon Lopez said that the services sectors, which are major economic drivers, need further assistance to recover amid the pandemic.