Pasay city: The Philippines is advocating for policies aimed at enhancing global competitiveness in anticipation of the upcoming Association of Southeast Asian Nations (ASEAN) summit, which will convene leaders and dialogue partners in November.
According to Philippines News Agency, Trade Secretary Cristina Roque chaired the 58th ASEAN Economic Ministers' Meeting and Related Meetings at the Philippine International Convention Center in Pasay City on Saturday. She led discussions focused on advancing trade and investment, digital transformation, micro, small and medium enterprises (MSME) development, innovation, and sustainable growth. Roque emphasized the role of innovators, investors, and business leaders in converting opportunities into thriving industries, urging leaders to formulate recommendations that would elevate ASEAN's global standing and prosperity.
During the meetings, Roque highlighted that ministers addressed crucial issues that will inform discussions at the forthcoming 49th ASEAN Summit, including the adoption of the landmark Digital Economic Framework Agreement. She stated that the engagements held during the week aim to translate dialogue into actionable steps and create momentum for opportunities. Various events, such as the ASEAN Creative Industry Expo, ASEAN MSME Summit, Inclusive Business Forum, and strategic roundtables in Information Technology-Business Process Management (IT-BPM) and steel sectors, brought together thousands of business leaders, investors, and policymakers to generate actionable investment leads.
Roque remarked that the Philippines' hosting of ASEAN events serves as 'kilometer zero' for the bloc, marking the first year of the ASEAN Community Vision's implementation. Despite international trade challenges, Roque noted that ASEAN continues to enjoy global investor confidence, reflected in a 10.1 percent surge in foreign direct investment inflows to USD245.7 billion. Trade in machinery and mechanical appliances grew by 25.6 percent in 2024, with electrical machinery and equipment comprising over a quarter of ASEAN's total merchandise trade. The digital economy in ASEAN is also rapidly expanding, currently valued at USD300 billion in gross merchandise.
Roque emphasized the need for ministers to convert growth figures into tangible benefits, deeper integration, and high-value opportunities for the region's people and enterprises. At the 40th ASEAN Free Trade Area Council Meeting held the same day, Roque and Southeast Asian trade ministers discussed the implementation of the current ASEAN Trade in Goods Agreement (ATIGA) and preparatory work for the early entry into force of the Second Protocol to Amend the ATIGA. She noted that supply chains are under stress, with changing production and sourcing patterns requiring businesses to adapt swiftly.
Roque highlighted the importance of an integrated regional market to support goods movement, diversify supply sources, and provide businesses with greater regional opportunities. Under Philippine chairship, ASEAN will focus on strengthening its future agenda and enhancing the effectiveness of existing economic agreements. Beyond ATIGA, the meeting covered trade facilitation measures, including expanding the ASEAN Authorized Economic Operator Mutual Recognition Arrangement and the ASEAN Customs Transit System. The ASEAN Secretariat underscored the region's commitment to reinforcing the bloc as a single market and production base.
