Krasna Bobenrieth, Chair of the APEC Committee on Trade and Investment (CTI), stressed that Facilitating trade is a critical response to ensure that the COVID-19 pandemic does not result in a long-term economic crisis.
«In addition to taking steps to protect our health, we must also take steps to facilitate international trade and investment. and national. This is the key to ensuring that this health crisis does not lead us to a long-term economic crisis," Bobenrieth said in a written statement issued by the APEC Secretariat on Thursday (18.06.2020).
The ITC is the largest group in APEC and is often at the forefront of the forum's work to realize free and open trade and investment.
Bobenrieth noted that key components for economic growth – trade and investment – have been severely affected by the pandemic.
The Director-General of the World Trade Organization (WTO) highlighted that global trade is expected to decline by between 13% and 32% in 2020 across all sectors of the economy during the pandemic.
Trade and investment are also crucial in our fight against the pandemic, for example by facilitating trade in essential items., such as medicines, medical supplies and equipment.
The latter is recognized by the recent APEC ministers responsible for the commercial declaration about COVID-19 and negotiated virtually comprehensively during the first instant.
The statement, which covers several trade and investment commitments, includes facilitating the flow of essential goods and services to combat the pandemic, making supply chains more resilient, ensuring that trade and investment are maintained, identifying and addressing unnecessary barriers to trade, fulfilling WTO notification commitments, as well as boosting e-commerce and related services.
In recent weeks, the ITC has shifted its focus to implementing these commitments. For example, members are exploring ways to facilitate trade in medical and other essential goods and services.
A recent voluntary CTI survey indicated that at the national level, 15 of the 20 currently participating economies had eliminated or reduced tariffs temporarily or even permanently, mainly on essential products, to combat the pandemic.
In times of supply chain disruptions, closed factories and social distancing requirements, trade facilitation responses are critical to maintaining market supply.
In that context, Bobenrieth pointed out another notable finding that at the national level, more than two-thirds of the 20 participating economies indicated that they had temporarily or, in part, also permanently implemented, New trade facilitation measures during the COVID-19 pandemic.
«An example of one such measure is to accept Electronic submissions of trade-related documents and information»He said.
Bobenrieth also highlighted that almost all participating economies had reported having implemented measures to address supply chain disruptions caused by the pandemic.
«They have done so, with a focus on streamlining and simplifying customs procedures, for example through priority procedures for essential goods. Such measures are important as COVID-19 lockdowns have resulted in delays in border and customs procedures and can lead to traffic jams at major ports. "He explained.
To this end, another crucial area of focus for the CTI is the extent to which the pandemic has disrupted global value and supply chains. Potential issues requiring attention are the levels of disruption, resilience and adaptability of value and supply chains under the current COVID-19 pandemic and future crises.
It is also crucial sharing best practices and obtain input from public and private sectors involved in maintaining and managing supply and value chains, Bobenrieth said.
Last but not least, the CTI is also diverting its attention to promoting the Transparency in emergency measures related to COVID-19, especially through notifications to the WTO.
Even though the pandemic has forced protect human, animal and plant life; the environment; and the product safety, it is important to ensure that such measures are in accordance with the WTO obligations of economies.
«This will keep relevant stakeholders, including importers and exporters, informed so that they can act accordingly."He emphasized.
In addition to these recently raised and still under discussion issues, it is also important to highlight that the CTI has ongoing projects that can contribute to our collective fight against COVID-19, for example, work related to the digital trade, connectivity, modernization of globalization value chains, implementation of the WTO Trade Facilitation Agreement and inclusive approaches to trade, among others. The ITC is currently tasked with scaling up these efforts.
“There is therefore still much work to be done, but as Chair of the ITC, I am confident that members can achieve positive results and demonstrate a strong commitment to the APEC community and its collective fight against COVID-19 to contribute to the discussion. I am looking for ways to advance our work, including through virtual meetings.”"Bobenrieth said.
«My role, as president of the CTI, focuses on facilitate the search for consensus on working in the areas of common interest, flexibility and collaborative dialogue in a spirit of back to basics. My aspiration is that the CTI will continue to work with “all the commitment and enthusiasm as before, even in a virtual format, to generate real support for the Asia-Pacific community", he claimed.
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