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Manila Bulletin devider Philippines devider National devider PH inks free trade deal with Australia, New Zealand; PBMM says it will benefit MSMEs

PH inks free trade deal with Australia, New Zealand; PBMM says it will benefit MSMEs

Published Mar 6, 2024 05:07 am

The Philippines has signed the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), President Marcos announced on Wednesday, March 6.

Asean-Aus Summit2.jpgPresident Ferdinand 'Bongbong' Marcos Jr. speaks during the leaders' plenary session at the ASEAN-Australia Special Summit in Melbourne on Wednesday, March 6, 2024. (Malacañang Photo)

During his intervention at the leaders’ plenary session at the ASEAN-Australia Special Summit, the Chief Executive said the development would benefit micro, small, and medium enterprises (MSMEs) because it will facilitate their participation in international trade.

“We are pleased to inform you, Excellencies, that the Philippines has just recently signed the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA),” Marcos stated.

He added that the agreement will improve the MSMEs access to markets and their participation in the global value chains, and promote their use of e-commerce.

The President also expressed confidence that the AANZFTA will be able to respond to the multidimensional challenges in the business environment, as well as complement region-to-region efforts to strengthen the two region’s supply chain resilience.

Expanding trade and investment and inclusivity and sustainable development are among the goals of the free trade agreement.

“With the momentum from the CEO Forum yesterday, and AANZFTA together with the Regional Comprehensive Economic Partnership (RCEP) Agreement, we are confident that we will usher in even more robust economic cooperation within our region and provide a legal framework for a more prosperous future,” Marcos said.

The AANZFTA has a combined gross domestic product (GDP) of US$ 5.9 trillion, based on data sourced from the International Monetary Fund (IMF) and the World Economic Outlook as of April 2023.

With a market of an estimated 711 million people, this makes Australia and New Zealand ASEAN’s eighth largest trading partner.

In his speech, Marcos also welcomed Australia’s Southeast Asia Economic Strategy to 2040, which aims to broaden and deepen the economic ties between ASEAN and Australia.

Under this strategy, the Philippines hopes to expand collaboration and partnerships on various issues, such as agriculture and food security, digital economy, infrastructure, tourism, and healthcare.

Marcos underscored how cooperation in these areas can achieve a strongly rooted, comfortable, and secure future for Filipinos and ASEAN citizens.

Related Tags

free trade agreement ASEAN-Australia Special Summit new zealand President Marcos
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