Philippines Signs Second Protocol To AANZFTA, Boosting Opportunities For MSMEs
Photo credit: PCO
In a significant development at the ASEAN-Australia Special Summit in Melbourne, President Marcos proudly announced the Philippines' signing of the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). This move is anticipated to create a more favorable environment for micro, small, and medium enterprises (MSMEs) in the Philippines.
During the leaders' plenary on Wednesday, President Marcos expressed confidence in the AANZFTA's ability to address the dynamic challenges in the business environment. He highlighted the protocol's role in strengthening supply chain resilience, expanding trade and investment, promoting inclusivity, and fostering sustainable development in the region.
President Marcos emphasized the direct benefits that the protocol would extend to MSMEs by facilitating their participation in international trade. Improved access to markets, enhanced participation in global value chains, and the promotion of e-commerce are key aspects that will enable the growth of these enterprises on the global stage.
Referencing the momentum generated from the CEO Forum held the previous day, President Marcos, in conjunction with the AANZFTA and the Regional Comprehensive Economic Partnership (RCEP) Agreement, expressed confidence in ushering in a more robust economic cooperation within the region. These agreements are expected to provide a solid legal framework for a prosperous future.
President Marcos also welcomed Australia's Southeast Asia Economic Strategy to 2040, lauding it as an elaborate plan to deepen economic ties between ASEAN and Australia. He expressed the Philippines' eagerness to expand collaboration in critical areas such as agriculture and food security, digital economy, infrastructure, tourism, and healthcare. These collaborations are deemed essential in achieving a strongly rooted, comfortable, and secure future for both Filipinos and ASEAN citizens alike.