The Association of Southeast Asian Nations (Asean) bloc recently finalized two trade facilitation initiatives with the US, the Department of Trade and Industry (DTI) reported on Wednesday.
In a recent dialogue partner consultation, the Asean senior economic officials—with the Philippines represented by DTI Assistant Secretary Allan B. Gepty—met with Deputy Assistant US Trade Representative for Southeast Asia and the Pacific Marta Prado.
The officials finalized the 2021-2022 Asean-US Trade and Investment Framework Arrangement (TIFA) and Expanded Economic Engagement (E3) Work Plan during the meeting.
These cover the facilitation of initiatives supporting the region’s economic recovery thrusts in different fields, including digital economy, micro, small and medium enterprises (MSMEs), sustainable development and labor, among others.
The TIFA, which was concluded in 2006, guides the Asean-US trade and economic cooperation and strengthen ties between the trading partners.
The E3, meanwhile, will be submitted to economic misters at a consultation next month for endorsement and implementation.
“The Philippines welcomes the continued engagement and developments of initiatives between Asean and US, particularly in the areas of Digital Trade, Transparency and Good Regulatory Practices, MSME Development, Trade Facilitation, and the Asean Single Window. These are important areas of cooperation, especially in the post pandemic period,” Gepty said.
During the meeting, Gepty also stressed that trade rules must cope with the economic developments so they will remain relevant amid the changing business landscape.
The Asean economic community (AEC) earlier this month was in the process of finalizing the framework of the circular economy for the regional bloc in a bid to promote sustainable growth.
The said framework, which is aimed to be adopted by October at the 20th AEC Council, identifies key strategic priorities in support of Asean’s agenda on circular economy, incorporating the region’s initiative in economic resiliency, resource efficiency and sustainable growth.
For the Philippines, the House Committee on Economic Affairs is currently tackling House Bill 7609, also known as the “An Act to Promote Circular Economy and a Whole-of-Nation Transition Towards a Sustainable Future.”
The bill seeks to develop green markets through measures that promote circular economy and sustainable consumption; push for the use of permaculture in urban and rural development; and facilitate sustainable recovery amid the pandemic.