MANILA -- President Ferdinand R. Marcos Jr. expects the Association of Southeast Asian Nations-European Union (ASEAN-EU) business summit to bring new impetus for both sides in bolstering sustainable trade and investment while opening ways to fast-track the implementation of the European Union's Indo-Pacific Strategy.

“There is a growing need for the public sector to collaborate with private institutions, especially now that ASEAN Member States are in a post-pandemic economic recovery and are facing new challenges brought about by recent geopolitical tensions, problems in the supply side, problems also with food prices," President Marcos said Tuesday in his closing remarks during the summit in Brussels.

"In this regard, I would like to express my appreciation to the ASEAN-EU Business Council for its continued support and engagement to ASEAN, from the sectoral bodies up to the Leaders’ level," the President pointed out.

On the regional front, the President noted ASEAN's increased presence in the global stage through its efforts on regional economic integration and supply chain resilience.

According to the chief executive, the entry into force of the Regional Comprehensive Economic Partnership (RCEP), the ongoing review of existing trade agreements and ASEAN's initiatives to facilitate trade of essential goods demonstrate the region's common direction in maintaining an open, free and fair trade.

ASEAN, Marcos said, is well-positioned to accelerate intra-regional trade and growth with its participation in mega trade deals such as the RCEP and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The President also acknowledged in his remarks the EU's historical importance as a trade and investment partner of ASEAN. 

"Thus, while an ASEAN-EU FTA remains as a common long-term objective, economic cooperation initiatives will be prioritized on areas of mutual interest to bridge the gap and realize this long-term objective," Marcos said.

Congratulating the ASEAN-EU Business Council, the President recognized its crucial role in advancing ASEAN's regional economic integration and post-pandemic economic recovery efforts through its initiatives and valuable insights.

President Marcos expressed hope that through the ASEAN-EU Trade and Investment Work Programme, the momentum could continue in 2023 and beyond.

"Deepening EU–ASEAN Trade: Sustainable Development for All" was the theme of the summit. (PND)