Hainan, China — The Philippines will seek restraint from the United States and China as they teeter on the brink of a trade war that could upset global markets.
There are no winners in a trade war, said Philippine Ambassador to China Jose Santiago Sta. Romana.
According to Sta. Romana, the Boao Forum for Asia offers a good opportunity for world leaders to address trade concerns.
Chinese President Xi Jinping is expected to make a policy speech at the plenary session of the forum on Tuesday to discuss his experience and policy direction when it comes to economic reforms, and opening up China to the world, said Sta. Romana.
He said there were expectations for Xi to reaffirm the need for globalization.
On the part of the Philippines, it hopes to play a role in easing tension between the Chinese and American leaders, he also said.
“What we don’t want to see is to be adversely affected and it is going to be a challenge because if a trade war breaks out, usually, generally speaking, there are no ways and it is hard for any winner to emerge and so we would also be affected,” Sta. Romana noted.
“What we need to do is to call on… the US and China to go back to the negotiating table, to open talks and to try to resolve it through negotiations, trade talks so as to avert a trade war and so as to prevent any fallout on the Philippines,” he added.
Mr. Duterte is set to attend the Boao forum, and is expected to address the conference that has been dubbed Asia’s answer to the Davos Conference in Switzerland. /kga