An all-embracing free trade between nations that grants the best goods and services at the lowest prices to reach the people, is the pathway to global prosperity.
Presently, the 12 Asian countries with the U.S. is negotiating a free-trade treaty called the Trans-Pacific Partnership (TPP), which if allowed to mutual-beneficial exchanges,allowing nations to share knowledge and technology and access to international markets, can bring new economic prosperity to all member countries.
But the issue of â€œinternational currency manipulationâ€ is a significant problemto the current terms of the treaty.
Economic experts say, governments should not be allowed to manipulate the value of their currencies in foreign exchange markets to achieve a trade advantage like the U.S. Accordingly, when currencies misrepresent the true value of goods and services, itdistorts the benefits of free trade and undermines the principles of free-market competition.
This historic opportunity to move toward an open global economy should not be missed but governments should begin to build an international monetary system that foster productive economic growth to the community of nations.
While our Philippine Constitution has restrictions due to protectionism, that gives negative signal to foreign investors. It prevents foreign ownership in public utilities, mass media and advertising, educational institutions and land.
Should the government remove these constitutional restrictions in order to promote a practical way towards comprehensive economic growth that reaches to the people and brings better quality life?
Should the misconception of protectionism overpower the benefits of free trade?