According to WTO, one tenth of the world’s GDP and seven percent of employment are accounted to the construction industry.
With PH’s foreseen growth in this sector contributing to the GDP growth of the country, the Construction and Industry Authority of the Philippines (CIAP) conducted a one-day seminar on World Trade Organization-General Agreement on Trade in Services (WTO-GATS) and its Impact on the Construction Industry held last August 10, 2015 at Berjaya Hotel, Makati City.
The capacity building seminar primarily aims to have a comprehensive understanding on the importance of ‘trade in services’, GATS scheduling and commitments and other regional trade agreements and WTO negotiations among others; and to enable the participants—CIAP employees and POCB registered contractors—to address insights and queries on the topic at hand.
“This informative session is one way for us to have at least a basic and updated knowledge when it comes to GATS, especially now that we have to mount our construction industry at the phase of globalization,” said DTI’s CIAP Supervising Undersecretary Prudencio M. Reyes Jr.
“Understanding GATS particularly its ‘non-discriminatory principle’ is of high relevance to our stakeholders primarily that it supports impartiality among member-states paving to international trade regulation and foreign direct investment protection,” he added.
Further, Lead Component 1 on Trade of USAID-Trade Related Assistance for Development (TRADE) Project, Ms. Glenda Reyes emphasized during her lecture that market liberalization through various trade related services and involvement in international trade agreement will incur gains for PH.
“If we want to be globally competitive, one of the platforms is to improve the conditions within the country at the same time strengthen our international participation through various free trade agreements,” she added.
GATS is an agreement under the WTO which serves as a guideline in directing multilateral trade in various services to establish a reliable system of international trade rules and upholding non-discriminatory principles among the member-states.
Posted By: Lynne Pingoy