𝐈𝐍 𝐂𝐄𝐁𝐔: 𝐀𝐒𝐄𝐀𝐍 𝐋𝐄𝐀𝐃𝐄𝐑𝐒 𝐓𝐀𝐑𝐆𝐄𝐓 𝐌𝐒𝐌𝐄 𝐆𝐑𝐎𝐖𝐓𝐇, 𝐃𝐈𝐆𝐈𝐓𝐀𝐋 𝐄𝐂𝐎𝐍𝐎𝐌𝐘 𝐃𝐄𝐀𝐋
The ASEAN Leaders’ Summit in Cebu is expected to advance policies that will expand market access for micro, small, and medium enterprises (MSMEs), accelerate regional digital trade integration, and sustain open markets amid global economic uncertainties.
The 11 member-states that form the Association of Southeast Asian Nations (ASEAN) comprise an economic community positioned not only as a market but also as a production hub.
This, according to Department of Trade and Industry (DTI) Undersecretary Allan Gepty, is highly beneficial to the country’s MSMEs, as inclusivity remains a central trade agenda of the ASEAN Leaders’ Summit set from May 7 to 8.
“One way to do that is to give them (MSMEs) enhanced market access in the region. That’s why one of the commitments of ASEAN members states is to keep the markets open for trade even in this time of crisis,” said Gepty in a press briefing in Lapu-Lapu City on May 6.
Gepty noted that while some countries impose restrictive trade policies during crises, ASEAN remains committed to maintaining open markets.
He added that ASEAN leaders are expected to reach a consensus on the conclusion and signing of the Digital Economy Framework Agreement, a landmark regional pact designed to harmonize digital trade rules and accelerate digital transformation among member-states.
Endorsed in 2023, the agreement targets completion by 2026 and is projected to help unlock a $2 trillion digital economy by 2030, while strengthening cybersecurity, digital payments, and e-commerce across the region.
“The online platform is one equalizer for our MSMEs to access foreign markets. I think to come up with a set of rules that would govern transactions online would be highly welcome for our Filipino MSMEs,” Gepty said.
Gepty added that other priorities include a memorandum of understanding on the ASEAN power grid, envisioned to enable cross-border electricity trade; the promotion of regenerative and resilient agricultural systems for sustainable farming; the encouragement of foreign investments in high-growth and green sectors to fast-track the region’s transition; and the finalization of key trade agreements, including the ASEAN-Canada pre-trade agreement, to further expand ASEAN’s trade network. | 𝑪𝑨𝑷𝑰𝑻𝑶𝑳 𝑷𝑰𝑶
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