The Association of Southeast Asian Nations-European Union (ASEAN-EU) business summit in Brussels will bolster sustainable trade and investment between the two regions as Asia’s regional bloc prepares for more challenges amid a post-pandemic economic recovery, President Ferdinand “Bongbong” Marcos Jr. said on Tuesday, Dec. 13.

With the theme “Deepening EU–ASEAN Trade: Sustainable Development for All”, the Chief Executive noted how it would open ways to fast-track the implementation of the European Union’s Indo-Pacific Strategy in his closing remarks.

“There is a growing need for the public sector to collaborate with private institutions, especially now that ASEAN Member States are in a post-pandemic economic recovery and are facing new challenges brought about by recent geopolitical tensions, problems in the supply side, problems also with food prices,” he said further.

The President is in Brussels from Dec. 12 to 14 to attend the ASEAN-EU Commemorative Summit, where he is expected to outline his administration’s goals at the Summit including agricultural, trade, and maritime ties.

“In this regard, I would like to express my appreciation to the ASEAN-EU Business Council for its continued support and engagement to ASEAN, from the sectoral bodies up to the Leaders’ level,” he said.

Despite facing challenges related to supply, Marcos took note of ASEAN’s increased presence in the global stage through its efforts on regional economic integration and supply chain resilience.

According to the Chief Executive, the entry into force of the Regional Comprehensive Economic Partnership (RCEP), the ongoing review of existing trade agreements and ASEAN’s initiatives to facilitate trade of essential goods demonstrate the region’s common direction in maintaining an open, free and fair trade.

He believes ASEAN is well-positioned to boost intra-regional trade and growth through its participation in mega trade deals, such as the RCEP and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

But Marcos stressed the need for a free trade agreement (FTA) with EU as he recognized the historical importance of the union as a trade and investment partner of ASEAN.

“Thus, while an ASEAN-EU FTA remains as a common long-term objective, economic cooperation initiatives will be prioritized on areas of mutual interest to bridge the gap and realize this long-term objective,” he added.

Marcos also recognized the role of the ASEAN-EU Business Council in advancing ASEAN’s regional economic integration and post-pandemic economic recovery efforts through its initiatives and valuable insights.

Acknowledging the momentum brought about by the ASEAN-EU Trade and Investment Work Programme, the President expressed hope that this could continue in the next years.