Marcos to Push for Maximizing Asean's Free Trade Agreements at Upcoming Summit

Strategic Insights -

President Ferdinand Marcos Jr. will push for maximizing the free-trade agreements (FTAs) of the Association of Southeast Asian Nations (Asean) with its biggest trade partners, including China, during the upcoming Asean Summit in Malaysia. The summit will take place from October 26 to 28, where two major economic trade-related documents, the Second Protocol to amend the Asean Trade in Goods Agreement (ATIGA) and the Asean-China Free Trade Area (FTA) 3.0 upgrade, are expected to be signed. These agreements are part of the country's economic-related priorities among the 80 outcome documents from the Summit.

The President will also attend the signing ceremonies of the Declaration on the Admission of Timor-Leste into Asean as its 11th member. The DFA spokesperson, Angelica C. Escalona, stated that Marcos will advance Philippine interests in Asean by strengthening security and stability, enhancing economic cooperation, and broadening engagement with dialogue partners. The Asean-China FTA is a significant document that proves the Philippines' engagement with China goes beyond disputes related to the West Philippine Sea.

Key Takeaways:

  • President Ferdinand Marcos Jr. will push for maximizing Asean's free-trade agreements (FTAs) with its biggest trade partners, including China, during the upcoming Asean Summit.
  • Two major economic trade-related documents, the Second Protocol to amend the Asean Trade in Goods Agreement (ATIGA) and the Asean-China Free Trade Area (FTA) 3.0 upgrade, are expected to be signed during the summit.
  • The Philippines will continue to push for the pending Asean-China Code of Conduct for the South China Sea, which is being supported by Marcos for the peaceful settlement of possible maritime disputes in the waterway.
  • The Asean-China FTA is proof that the Philippines' engagement with China goes beyond disputes related to the West Philippine Sea.
  • Aside from China, Asean also has FTAs with South Korea, Japan, India, Australia, and New Zealand.
  • The Philippines is expected to have a constructive engagement with the United States on economic matters during the summit.
  • The President will attend the meeting on the Regional Comprehensive Economic Partnership (RCEP), an FTA signed by 15 Asia-Pacific countries, including the Philippines.

Statistics:

  • The Asean Summit will take place from October 26 to 28.
  • There are 80 outcome documents from the Summit, with economic-related priorities being one of the top issues.
  • The Second Protocol to amend the Asean Trade in Goods Agreement (ATIGA) is expected to be signed during the summit.
  • The Asean-China Free Trade Area (FTA) 3.0 upgrade is also expected to be signed during the summit.
  • There are 15 Asia-Pacific countries that signed the Regional Comprehensive Economic Partnership (RCEP) FTA.
  • The Philippines is the 11th member of Asean, with Timor-Leste expected to be admitted as the 11th member during the summit.

Sources:

  • Department of Foreign Affairs (DFA)
  • Angelica C. Escalona, DFA spokesperson
  • Malacanang press briefing on Friday
  • International news reports
  • Department of Trade and Industry (DTI)
  • Presidential Communications Office Acting Secretary Dave M. Gomez