Philippines Sees New Economic Opportunities In Upgraded ASEAN-China Trade Deal

KUALA LUMPUR, Oct 27 (Bernama-PNA) -- The upgrade of the China-Association of Southeast Asian Nations (ASEAN) Free Trade Area (ACFTA) to version 3.0, set to be signed on Oct 28, is expected to open new economic opportunities for the Philippines.

President Ferdinand R Marcos Jr will witness the signing of the ACFTA 3.0 Upgrade during the 47th ASEAN Summit and Related Meetings here, reported the Philippine News Agency (PNA).

Department of Foreign Affairs (DFA) Secretary, Ma Theresa Lazaro said the upgraded deal would modernise ASEAN’s economic ties with China and align them with current global realities.

“The ASEAN-China FTA 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 in a statement issued through Palace Press Officer and Undersecretary, Claire Castro on Sunday.

Lazaro said the upgraded framework could expand cooperation in green and digital economies, as well as sustainable supply chain connectivity.

She added that the agreement would empower micro, small and medium enterprises (MSMEs) to participate more fully in regional value chains, while enhanced frameworks on fair competition and consumer protection would promote inclusive growth.

The original ACFTA covers trade in goods, rules of origin, customs procedures, trade facilitation, standards and technical regulations, sanitary and phytosanitary measures, services, investment and economic, and technical cooperation.

The ACFTA 3.0 Upgrade adds guidance on competition and consumer protection, the digital and green economies, supply chain connectivity and MSME participation.

Ahead of its signing, the Philippines also concluded the Second Protocol to Amend the ASEAN Trade in Goods Agreement (ATIGA), another key regional trade upgrade under Malaysia’s chairmanship.

Trade Secretary Cristina Roque signed the protocol on behalf of the Philippines, while Special Assistant to the President on Investment and Economic Affairs Frederick Go said the amendment would enhance trade facilitation, transparency and dispute settlement, benefiting certified traders through expedited cargo clearance and digital documentation.

Go added that the inclusion of new provisions, such as those on remanufactured goods, could stimulate job creation, industrial development and competitiveness once policy frameworks are in place.

Marcos and other ASEAN leaders witnessed the handover of the Second Protocol to Amend ATIGA during the summit plenary session.

-- BERNAMA-PNA