PNoy to address ‘social dimensions’ of globalization at APEC meet

President Benigno Aquino III is expected to call on other countries to address the social dimensions of globalization when he attends the 18th Asia-Pacific Economic Cooperation (APEC) Economic Leaders Meeting (AELM) in Yokohama, Japan next week, the Department of Foreign Affairs said. The President is also expected to push for economic and technical cooperation among Asia-Pacific countries as a means of fostering 21st century competitiveness, the DFA said in a statement on its website. “The President will lead the Philippines in actively engaging APEC member economies to enhance the country's leading role in the advocacy for human resources development, employment creation, addressing the social dimensions of globalization… for developing economies to foster 21st century competitiveness," the DFA said. At the summit, Aquino will also push for the development of human resources and the creation of jobs. On the sidelines, he is also expected to discuss bilateral trade and development opportunities with other countries. Numerous heads of state have expressed interest in meeting with Aquino to discuss bilateral trade and development opportunities for the Philippines. Expected to join Aquino are Foreign Affairs secretary Alberto Romulo and Trade and Industry secretary Gregory Domingo. The DFA also said that the president will also meet with the rapidly burgeoning Filipino community in Japan. More than a thousand Filipinos reside in the Yokohama region alone, and are expected to greet the President during his visit. An estimated 100,000 to 200,000 Japanese-Filipino families now live in Japan, according to the Center for Japanese-Filipino Families (CJFF). At the 18th AELM, which will carry the theme “Change and Action," the APEC will assess its achievements vis-à-vis the Bogor goals of free and open trade and investments. During the 1994 meeting in Bogor, Indonesia, APEC Leaders adopted the Bogor Goals that aim for free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and by 2020 for developing economies. The summit will specifically assess if APEC’s developed-economy members have met the Bogor goals and how, the DFA said. APEC economies will also consider future directions for the region, taking off from a vision for the “New Growth Paradigm for a Connected Asia-Pacific in the 21st Century" adopted by the leaders in 2008 at Lima, Peru, as a response to the current recession. Late in 2007, a liquidity shortfall in the US banking system triggered the collapse of large financial institutions and the bailout of major banks, and sent shockwaves throughout the world's economies. While the global economy has seen some recovery, Europe and many developed countries in Europe remain deeply affected. The APEC is a forum for 21 economies seeking to promote free trade and economic cooperation throughout the Asia-Pacific region. Established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional economic blocs in other parts of the world, APEC aims to foster a sense of community and an appreciation of shared interests among Asia-Pacific countries. APEC also works to raise living standards and education levels through sustainable economic growth APEC members account for about 40 percent of the world's population, some 54 percent of world’s gross domestic product (GDP) and about 44 percent of world trade.—DM/JV, GMANews.TV