Malacañang touts business gains from new ASEAN, China trade pacts

Philippine businesses are set to gain new opportunities throughout the Association of Southeast Asian Nations (ASEAN) and with China following the signing of two trade agreements in Malaysia, top officials said over the weekend.

According to Special Assistant to the President on Investment and Economic Affairs (SAPIEA) Frederick Go, local businesses will benefit from the enhanced ASEAN Trade in Goods Agreement (ATIGA) that seeks to address trade challenges through improvements in trade facilitation, transparency, and dispute settlement.

In a statement released through Malacañang, Go said certified traders will be given expedited cargo clearance throughout ASEAN through the mutual recognition of Authorized Economic Operators.

Administrative requirements on self-declaration of origin have also been eased with the implementation of the Electronic Certificate of Origin and the acceptance of digital documentation.

“These provisions are particularly beneficial for micro, small, and medium-sized entrepreneurs (MSMEs), enabling them to prepare for regulatory changes and mitigate adverse effects,” Go was quoted as saying in the statement.

Foreign Affairs Secretary Ma. Theresa Lazaro, in a separate statement released through Malacañang, also noted the new opportunities for cooperation under the ASEAN-China Free Trade Area (ACFTA) 3.0 Upgrade, which provides for MSMEs to participate more fully in regional value chains.

The ACFTA 3.0 Upgrade has included guidance on competition and consumer protection, digital economy, green economy, supply chain connectivity, and MSMEs.

“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.—LDF, GMA Integrated News