BANGKOK, Thailand—President Ferdinand "Bongbong" Marcos Jr. told fellow Asia-Pacific Economic Cooperation (APEC) they should pay ample attention to challenges confronting the region's shipping and logistics services sector, saying they have been doing the opposite.
"Shipping and logistics services are the backbone of global trade and investment and yet, we have not paid them ample attention," Marcos said in his intervention during the APEC Leaders' informal dialogue on Friday, Nov. 18.
The President cited the case of the Philippines where businesses absorb up to 30 percent of costs from logistics alone and has one of the highest rates in the region.
"With logistics being a pivotal part of supply chains, this limits the integration of our products in global value chains and cuts our access to critical raw materials," Marcos said.
He called on governments to eliminate all forms of discrimination, especially for products coming from micro, small and medium enterprises (MSMEs).
He stressed that there are ways to address non-trade and other related measures without depriving businesses and MSMEs of access and participation in supply chains.
The chief executive also highlighted the essential role of maritime crew, the maritime industry, and the transport sector in ensuring robust and resilient global supply chains and post-pandemic recovery.
He said that further discussions and cooperation are needed in these areas and called on his counterparts to capacitate every member economy to address the challenges and needs of the sector and essential workers.
On his third day here, Marcos participated in various engagements with counterparts such as the first retreat session of the APEC Economic Leaders' Meeting, informal dialogue with the other guests and business sector, working lunch with economic leaders, dialogue with members of the APEC Business Advisory Council (ABAC), and separate bilateral meetings with Saudi Arabia and France leaders.