THE Philippines has signed two protocols that would agree to the upgrading of two regional free trade agreements (FTAs) of the Association of Southeast Asian Nations (ASEAN).

According to Trade and Industry (DTI) said Secretary Alfredo Pascual, he has signed the Second Protocol to enhance the ASEAN-Australia-New Zealand FTA (AANZFTA) and the First Protocol to amend the ASEAN-Hong Kong FTA (AHKFTA).

Among those who were present were the envoys of the Philippines Australian Ambassador Hae Kyong Yu and New Zealand Ambassador Peter Kell.

They were on hand to witness the signing for the AANZFTA and Hong Kong Economic & Trade Office in Jakarta Acting Director-General Allan Pang for the AHKFTA at the DTI Office in Makati City.

“The finalization of the Second Protocol to Amend the AANZFTA represents another milestone in our work to further strengthen regional trade and investment flows between ASEAN, Australia, and New Zealand. We want to ensure the agreement continues to benefit businesses and reinforce our strategic links in the region,” Pascual said.

Meanwhile, with the upgrade in AANZFTA, the member states are expected to include new chapters in the trade deal such as government procurement, trade and sustainable development, and micro, small, and medium enterprises (MSMEs).