President Ferdinand R. Marcos Jr. welcomed the new cooperation programs in the ASEAN Plus Three (APT) Cooperation Work Plan 2023-2027 covering trade and investment through increased utilization of free trade agreements (FTAs) with China, Japan, South Korea, as well as the other regional economic tie-ups.

The APT Cooperation Work Plan serves as a principal guide to enhance APT cooperation over the next five years towards achieving the long-term goal of establishing an East Asia community with ASEAN as the driving force.

“As we look ahead towards APT’s future, I am pleased to welcome new cooperation programs in the ASEAN Plus Three Cooperation Work Plan of 2023-2027, especially in the areas of trade and investment through increased utilization of the ASEAN Plus One FTAs with China, Japan, the Republic of Korea, and the Regional Comprehensive Economic Partnership or RCEP,” President Marcos said in his intervention during the 27th ASEAN Plus Three Summit in Vientiane, Lao PDR.

The program also covers sustainable tourism and people-to-people connectivity; energy security; sustainable development of micro, small, and medium enterprises (MSMEs); science, technology, and innovation (STI) and digital economy.

According to the President, ASEAN greatly benefited from APT programs over the past 27 years, posting more than a quarter percent increase both in total trade between ASEAN and the Plus Three countries to almost US$1.1 trillion.

He added the Foreign Direct Investments (FDIs) from the Plus Three countries to ASEAN Member States reached more than US$32.65 billion last year compared to US$26.12 billion in 1997. | PND