PH Backs 'Careful Recalibration' of Global Trade Rules

GENEVA, Switzerland — Many developing countries, including the Philippines, are open to a careful recalibration of the global trading system that protects its foundation while ensuring fairness, according to a Philippine government official here. Speaking at the launch of the World Trade Organization (WTO) World Trade Report 2026, Ambassador Manuel Antonio Teehankee, the Philippines’ Permanent Representative to the WTO, said that developing nations are amenable to such adjustments. "Many developing countries, including the Philippines, are open to a careful recalibration of the global trading system that protects its foundation while ensuring fairness," Teehankee said. Teehankee noted that the report highlights the challenges and opportunities facing the global trading system, including the rise of protectionism, the fragmentation of supply chains, and the need for greater inclusivity. The Philippines, as a developing country and a member of ASEAN, has a vested interest in ensuring that the global trading system is fair and equitable. The country relies heavily on international trade for its economic growth, and any changes to the global trading system could have a significant impact on its economy. Teehankee said that the Philippines is committed to working with other countries to ensure that the global trading system is reformed in a way that benefits all countries, especially developing countries. "We believe that a recalibrated global trading system can help to address some of the most pressing challenges facing the world today, including poverty, inequality, and climate change," Teehankee said. The World Trade Report 2026 is the WTO's flagship publication on global trade. It provides an in-depth analysis of the state of global trade, as well as recommendations for how to improve the system. The report highlights the need for a more inclusive and sustainable global trading system that benefits all countries. It also calls for greater cooperation among countries to address the challenges facing the global trading system.