The Philippines has signed the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which is expected to provide better opportunity for micro, small and medium enterprises (MSMEs) in the Philippines.

“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 announced during the leaders’ plenary at the ASEAN-Australia Special Summit in Melbourne on Wednesday.

Marcos said he is confident the AANZFTA will continue to respond to the evolving multidimensional challenges in the business environment and complement region-to-region efforts to strengthen supply chain resilience, the expansion of trade and investment, inclusivity and sustainable development.

“The Protocol will indeed benefit micro, small, and medium enterprises (MSMEs) inasmuch as it facilitates their participation in international trade by improving their access to markets and participation in the global value chains, as well as promoting the use of e-commerce,” President Marcos said.

“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 added.

President Marcos also welcomed Australia’s Southeast Asia Economic Strategy to 2040, an elaborate plan aiming to broaden and deepen the economic ties between ASEAN and Australia.

He said the Philippines is looking forward to expanding the collaboration on agriculture and food security, digital economy, infrastructure, tourism and healthcare, which are key to achieving a strongly rooted, comfortable, and secure future for Filipinos and ASEAN citizens. PND