Trade Undersecretary Ceferino Rodolfo said Sunday the Philippines is expected to benefit from the renewed cooperation brought about by the Asean Economic Ministers meeting and dialog with East Asian trade partners China, Japan and South Korea.
“The economic work plan will set broader goals of building a stronger APT [Asean plus three] community in the long-run,” said Rodolfo, the Philippine lead for the 49th Asean Economic Ministers’ Meeting and Related Meetings in Pasay City.
Rodolfo said the Philippines could benefit from the APT cooperation initiatives with priorities given to e-commerce in moving the country towards a digital economy; supply chain connectivity; MSME development; and trade facilitation.
The development of the work plan can further assist the Philippines in its pursuit towards greater connectivity to the three trading partners.
Asean ministers noted the strong performance of trade and investment relations in 2016 between Asean and the three East Asian countries.
Total merchandise trade between Asean and the three countries reached $694.2 billion last year, representing 31 percent of Asean’s total merchandise trade.
Foreign direct investment flows from China, Japan and South Korean into Asean hit $29.1 billion in 2016, accounting for 30.1 percent of the total FDI inflows.
The Economic Research Institute for Asean and East Asiawas cited for their on-going and future research projects that bolster current endeavors toward greater regional economic integration.
“For the Philippines, ERIA was helpful in finalizing the development of the ASEAN Seamless Trade Facilitation Indicators in Asean, which greatly administered one Asean’s economic priority deliverables for 2017 under Philippine Chairmanship,” Rodolfo said.
The trade facilitation indicators will provide Asean with a better way to measure trade facilitation in the region, and work on Asean’s targets of reducing trade transactions cost by 10 percent in 2020 and doubling intra-Asean trade by 2025.