In a significant step towards bolstering regional trade relations, the Philippines has signed the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).
President Ferdinand Marcos Jr., in his address during the ASEAN-Australia Special Summit Leader’s Plenary Session, expressed confidence in the agreement's potential to bolster the region's economy and support micro, small, and medium enterprises (MSMEs).
"With this development, the AANZFTA will continue to address the evolving challenges in the business environment and complement efforts to strengthen supply chain resilience, expand trade and investment, promote inclusivity, and foster sustainable development," Marcos stated.
He underscored the benefits of the agreement for MSMEs, highlighting its role in facilitating their participation in international trade and enhancing access to markets and global value chains, as well as promoting e-commerce.
Looking ahead, Marcos expressed optimism for deeper regional economic cooperation, building on the momentum generated by recent forums and existing agreements such as the Regional Comprehensive Economic Partnership (RCEP).
"With the momentum from the recent CEO Forum and agreements like the RCEP, we are poised to foster even stronger economic cooperation within our region, paving the way for a prosperous future," Marcos remarked.
The President also welcomed Australia’s Southeast Asia Economic Strategy to 2040, recognizing its potential to strengthen economic ties between ASEAN and Australia. He emphasized the importance of collaboration in key sectors including agriculture, food security, the digital economy, infrastructure, tourism, and healthcare.
"These sectors play a pivotal role in securing a prosperous and stable future for Filipinos and ASEAN citizens alike," Marcos added.
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