DEVELOPED countries should consult developing countries such as the Philippines in crafting global sustainability rules to prepare these markets for the impact of stringent regulations that may hamper global trade, according to a United Nations official. “A lot of European Union regulations are coming out, the [EU] deforestation [regulation] is one example of it. But we also have corporate sustainability due diligence directive that was adopted early this year,” Surya Deva, UN Special Rapporteur on the Right to Development, told reporters on the sidelines of the 16th Investment Policy Forum held in Pasay City on Wednesday.
“I think some of these regulations have a good intention, but the difficulty I see is in terms of the process—that whether the countries in, let us say, in the global south or in Asia, were they consulted properly before these regulations were pushed forward by the European Union?” Deva pointed out. In the case of the Philippines, Deva said, “the Philippines definitely has the technical expertise, the people, human capital, is definitely very well advanced in terms of that. But then, [the] Philippines is part of a global ecosystem, right? So, we have to ensure that the global rules are also there to ensure that the government of Philippines is able to promote that kind of a sustainability.
” Otherwise, the UN official emphasized that in adhering to the same set of rules in terms of sustainability, “markets may not be ready to bear that kind o.