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Manila Bulletin devider Business devider ASEAN-Australia-NZ upgraded FTA good for MSMEs - Pascual

ASEAN-Australia-NZ upgraded FTA good for MSMEs - Pascual

Published Nov 14, 2022 11:50 am

Trade and Industry Secretary Alfredo E. Pascual said the inclusion of new chapters in the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) is expected to fuel inclusive growth and integration of micro, small and medium enterprises (MSMEs) into the global value chain.

Pascual said following the substantial conclusion of the AANZFTA upgrade negotiations during the recently concluded 40th and 41st ASEAN Summits in Cambodia.

ASEAN, Australia, and New Zealand introduced the inclusion of new Chapters on Government Procurement, Micro, Small, and Medium-Enterprises (MSMEs), and Trade and Sustainable Development in the current FTA to facilitate growth anchored on an inclusive and sustainable regional economy.

“The substantial conclusion of the upgrade negotiations marks another milestone for both ASEAN and Australia-New Zealand, as we gain another high-quality FTA. The inclusion of a Chapter on Trade and Sustainable Development and MSMEs is expected to fuel inclusive growth and integration of businesses into the global value chain,” Pascual said.

Two years after formally launching upgrade negotiations in September 2020, the substantial conclusion conveys ASEAN, Australia, and New Zealand’s resolve to accelerate post-pandemic recovery. The Parties aim to sign the second protocol to amend the agreement establishing the AANZFTA in 2023.

With the inclusion of the new chapters, Pascual said the upgraded AANZFTA is viewed to benefit both regions in a broad spectrum of areas. Among others, the agreement will accelerate supply chain integration and resilience; ensure a smooth flow of essential goods during crises; deepen services and investment liberalization; and support electronic commerce and digital transformation.

Amidst an uncertain global environment, the respective leaders acknowledged that achieving and realizing the real benefits of the upgraded AANZFTA depends upon the early signing and timely implementation.

Pascual said the upgraded AANZFTA is a high-quality and commercially meaningful agreement that will potentially open up new opportunities by considering modern trade practices and being responsive to emerging challenges.

The AANZFTA was entered into force for the Philippines in 2010, becoming the first region-to-region trade agreement for ASEAN, Australia, and New Zealand. The FTA remains ASEAN’s most ambitious single undertaking since it embarked on an outward-looking economic regime to integrate ASEAN into the global economy.

Australia and New Zealand were the Philippines’ top 16th and 28th trading partners in 2021, respectively, with a combined total trade value of P2.64 billion. In addition, Australia was the country’s top 14th origin of investment inflows in 2021, amounting to P664.32 million.

Related Tags

FTA ASEAN-Australia-New Zealand Free Trade Area
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