President Marcos announced the Philippines’ signing of the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) during the ASEAN-Australia Special Summit in Melbourne on Wednesday.
This move is expected to unlock greater opportunities for micro, small, and medium enterprises (MSMEs) in the country.
“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),” President Marcos said during the leaders’ plenary.
The President said the protocol will boost MSMEs by making it easier for them to engage in international trade.
He said the protocol will help MSMEs access new markets, join global value chains, and adopt e-commerce, citing the protocol as a milestone for regional cooperation and development.
“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,” he said.
Furthermore, the President welcomed Australia’s “Southeast Asia Economic Strategy to 2040,” which outlines a comprehensive plan for strengthening and widening economic ties between ASEAN and Australia.
President Marcos expressed the Philippines’ eagerness to expand collaboration in key sectors like agriculture, food security, the digital economy, infrastructure, tourism, and healthcare.
Editor’s Note: This is an updated article. Originally posted with the headline PH signs free trade agreement on MSMEs with Australia, New Zealand