Written by 9:15 pm EU Investment

Marcos sees ASEAN-EU business summit boosting trade, investment

President Ferdinand R. Marcos Jr. is expecting discussions at the Association of Southeast Asian Nations-European Union (ASEAN-EU) Business Summit to bring new momentum for both sides toward sustainable trade and investment.

In his closing remarks at the summit on Tuesday, Marcos thanked the ASEAN-EU Business Council for its support as ASEAN member-states faced challenges  such as supply issues and high prices while recovering from the COVID-19 pandemic.

“The discussions undertaken during the day will not only bring new impetus for both sides to bolster sustainable trade and investment while opening ways to fast track the implementation of the EU’s Indo-Pacific Strategy,” Marcos said.

“There is a growing need for the public sector to collaborate with private institutions, especially now that ASEAN Member States are in a post-pandemic economic recovery and are facing new challenges brought about by recent geopolitical tensions, problems in the supply side, problems also with food prices,” he added.

“In this regard, I would like to express my appreciation to the ASEAN-EU Business Council for its continued support and engagement to ASEAN, from the sectoral bodies up to the Leaders’ level,” Marcos said.

Marcos cited ASEAN’s increased presence on the global stage through its efforts on regional economic integration and supply chain resilience.

He said the entry into force of the Regional Comprehensive Economic Partnership (RCEP), the ongoing review of existing trade agreements, and ASEAN’s initiatives to facilitate the trade of essential goods demonstrate the region’s common direction in maintaining an open, free, and fair trade.

Marcos said the ASEAN was in a good position to accelerate intra-regional trade and growth with its participation in mega trade deals such as the RCEP and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

He also pointed to the EU’s historical importance as a trade and investment partner of ASEAN.

“Thus, while an ASEAN-EU FTA remains as a common long-term objective, economic cooperation initiatives will be prioritized on areas of mutual interest to bridge the gap and realize this long-term objective,” Marcos said. —Ivan Mayrina/NB, GMA Integrated News

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