MELBOURNE — The Philippines has signed the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement or AANZFTA.

In his intervention for the ASEAN-Australia Special Summit Leader’s Plenary Session, President Ferdinand Marcos Jr. expressed confidence the agreement will benefit the region’s economy and micro, small, and medium enterprises or MSMEs.

“I am confident that through this development, the AANZFTA will continue to respond to the evolving multi-dimensional 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,” Marcos said.

He emphasized the advantages the agreement will bring to MSMEs, saying, “The protocol will indeed benefit micro, small, and medium enterprises since it will facilitate their participation in international trade by improving their access to markets and their participation in the global value chains, as well as promoting the use of e-commerce.”

Optimistic for future

Building on the momentum generated by the recent CEO Forum and the existing Regional Comprehensive Economic Partnership, or RCEP, Agreement, the President expressed optimism for the future of regional economic cooperation.

“With the momentum from the CEO Forum yesterday, and AANZFTA together with the 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.

Marcos also welcomed Australia’s Southeast Asia Economic Strategy to 2040, highlighting its potential to strengthen economic ties between ASEAN and Australia.

He stressed the importance of collaboration in key sectors such as agriculture, food security, the digital economy, infrastructure, tourism and healthcare.

“These are sectors that are key to achieving a strongly rooted, comfortable, and secure future for Filipinos and ASEAN citizens,” Marcos said.