PHL hoping to tackle measures to mitigate Persian Gulf disruptions at ASEAN forum

THE PHILIPPINES is looking to discuss measures to improve cross-border trade with its neighbors during the upcoming ASEAN Business Environment Forum (ABEF), citing the need to mitigate the disruptions arising from the fighting in Iran, the Department of Trade and Industry (DTI) said.

“It is important that we can work closely with our ASEAN (Association of Southeast Asian Nations) peers,” according to Benedict M. Uy, executive director of the DTI’s Foreign Trade Service Corps (FTSC).

Speaking to reporters on the sidelines of the Pre-ABEF briefing on Monday, Mr. Uy said: “The ASEAN economy must stay strong because that will shield us from all these global issues.”

During the briefing, Mr. Uy said the global business environment has become unpredictable after the US and Israel attacked Iran, as well as the uncertainty over global tariffs.

“With such disruptions stifling progress, the same can be viewed as opportunities to capitalize and develop new trading dynamics,” he said.

He said the forum is expected to boost trade and investment within ASEAN.

“If our intra-ASEAN trade and investment is strong, then there’s no need for our member states to go as far as other continents to do business,” Mr. Uy said.

He added that other regions like Europe and the Americas are monitoring developments in ASEAN as they also seek to diversify their trading partners.

The ABEF will take place on March 11 in Taguig City.

The Philippines assumed the ASEAN Chairmanship this year, taking the lead on high-level economic meetings for the world’s 5^th largest economy.

ABEF discussions will focus on strengthening public-private partnerships; leverage digitalization to promote transparency and efficiency; and enhance the business environment within ASEAN.

Speakers will include ASEAN ministers, senior government officials, and private sector officials.

This year’s ABEF is a side event to the ASEAN Economic Ministers’ (AEM) Retreat, which will take place on March 13.

Also on Monday, ASEAN members convened for the 18^th Meeting of the ASEAN Digital Economy Framework Agreement Negotiating Committee (DEFA NC) in Taguig City.

DEFA seeks to establish a coherent, forward-looking framework to boost digital trade, enhance interoperability, and accelerate digital economic integration across ASEAN. — Beatriz Marie D. Cruz