Tuesday, June 18, 2024

Philippines Signs Second Protocol of ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)

The Philippines ratified the Second Protocol of AANZFTA to boost trade and investment opportunities, particularly for MSMEs, modernizing the agreement to align with global dynamics and promote economic collaboration within ASEAN.

Philippines Ratifies Second Protocol of AANZFTA

The Philippines has officially ratified the Second Protocol of the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) in a move to boost trade and investment opportunities. The objective is to modernize the agreement and enhance market access, aligning with the country’s vision for economic collaboration within ASEAN and promoting sustainable development.

Modernizing the AANZFTA Agreement

The amendment to the AANZFTA aims to update and adapt the original agreement that came into effect in January 2010. The enhancements cover thirteen chapters, including rules of origin, customs procedures, investment, competition, consumer protection, and electronic commerce. These changes are crucial to keep the agreement relevant amidst evolving global dynamics.

Revisions and Enhancements in the Second Protocol

The Second Protocol of AANZFTA includes revisions in thirteen out of its eighteen chapters, taking inspiration from the Regional Comprehensive Economic Partnership Agreement (RCEP). The Investment Chapter has undergone significant revisions, introducing key changes for investors. These revisions aim to improve and facilitate investment processes within the region.

Source : Philippines Signs Second Protocol of ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA)

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