Malacañang said Philippine enterprises stand to benefit from two trade agreements formally signed during the 47th Association of Southeast Asian Nations (ASEAN) Summit and Related Summits held in Kuala Lumpur, Malaysia from October 26 to 28.
President Ferdinand R. Marcos Jr., together with his regional counterparts, witnessed the handover ceremony on the Second Protocol to Amend the ASEAN Trade in Goods Agreement (ATIGA), during the ASEAN Leaders’ Summit Plenary on Sunday.
President Marcos and other leaders from ASEAN and China are expected to lead the signing ceremony of the ASEAN-China Free Trade Area 3.0 Upgrade on Tuesday.
According to Frederick D. Go, Special Assistant to the President on Investment and Economic Affairs (SAPIEA), the enhanced ATIGA addresses current trade challenges and offers significant benefits through improvements in trade facilitation, transparency and dispute settlement, and the inclusion of new and emerging trade elements.
In a statement issued through Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro, Go said certified traders stand to benefit from the expedited cargo clearance throughout ASEAN through the mutual recognition of Authorized Economic Operators (AEOs).
Businesses will find it easier to comply with administrative requirements on self-declaration of origin, with the implementation of the Electronic Certificate of Origin (e-Form D) and the acceptance of digital documentation.
Go said the strengthened transparency and cooperation provisions of the Agreement will enable ASEAN member-states to better respond to the potential impacts of new trade policies.
“These provisions are particularly beneficial for micro, small, and medium-sized enterprises (MSMEs), enabling them to prepare for regulatory changes and mitigate adverse effects,” Go emphasized.
Go also said the inclusion of new and emerging issues such as provisions on remanufactured goods, opens avenues for future growth across ASEAN.
In a separate statement issued through the Palace Press Officer, Department of Foreign Affairs Secretary Ma. Theresa Lazaro, said the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade opens new opportunities for cooperation in areas vital to the region’s future, including the green and digital economies and sustainable supply chain connectivity.
“The ASEAN-China Free Trade Area has long been one of ASEAN’s most important economic partnerships. Now, with the 3.0 Upgrade, both sides are working to make this partnership more modern, more comprehensive, and better aligned with today’s global realities,” Lazaro said.
Lazaro said the Upgraded Protocol also empowers MSMEs to participate more fully in regional value chains, while the strengthened frameworks on fair competition and consumer protection will help ensure inclusive and sustainable growth.
The ACFTA 3.0 Upgrade has included guidance on the following aspects of trade: Competition and Consumer Protection; Digital Economy; Green Economy; Supply Chain Connectivity; and Micro, Small, and Medium Enterprises.
The original ACFTA provided guidance on Trade in Goods; Rules of Origin; Customs Procedures and Trade Facilitation; Standards, Technical Regulations, and Conformity Assessment Procedures; Sanitary and Phytosanitary Measures; Trade in Services; Investment; and Economic and Technical Cooperation. | PND
