ASEAN economic ministers have put 19 Philippine-led priorities on track for completion this year, advancing a regional digital trade pact, a semiconductor roadmap and new trade and investment initiatives ahead of the bloc’s November summit.
Trade Secretary Ma. Cristina Roque said the outcomes of the 58th ASEAN Economic Ministers’ Meeting in Manila will feed into the 49th ASEAN Summit in November.
“I am pleased to report that we made significant actions on all 19 Philippine Priority Economic Deliverables, keeping them firmly on track for completion within the year,” Roque said Tuesday.
A key milestone is the planned November signing of the ASEAN Digital Economy Framework Agreement (DEFA), which covers areas including artificial intelligence and is designed to strengthen digital trade across Southeast Asia.
Roque said the agreement could give micro, small and medium enterprises (MSMEs) greater access to regional markets through e-commerce. The Department of Trade and Industry is already conducting information efforts to help businesses, including those in remote areas, prepare for cross-border digital trade.
Ministers also advanced the ASEAN Semiconductor Roadmap, strategic trade management initiatives and plans to establish regional centers of excellence for creative industries and MSMEs in the Philippines.
On energy security, Roque said five ASEAN countries had expressed interest in a proposed regional oil stockpiling arrangement. The United Arab Emirates has also indicated willingness to store petroleum products in participating countries with available facilities.
ASEAN is also targeting the early entry into force of the upgraded ASEAN Trade in Goods Agreement within 2026.
The ministers further advanced trade and investment cooperation with Hong Kong, South Korea, Japan, the US, and the United Kingdom.
Roque said the Philippines would continue pursuing free trade agreements to secure preferential tariffs and expand market access for exporters.
