Metro Manila (CNN Philippines, December 14) — President Ferdinand Marcos Jr. on Tuesday said he is expecting the discussions at the Association of Southeast Asian Nations-European Union (ASEAN-EU) Business Summit to bolster sustainable trade and investment between nations.

"The discussions undertaken during the day will not only bring new impetus for both sides to bolster sustainable trade and investment while opening ways to fast track the implementation of the EU’s Indo-Pacific Strategy," Marcos said in his closing remarks during the summit held in Belgium.

“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," he added.

Marcos noted that the ASEAN is well-positioned to accelerate intra-regional trade and growth with its participation in mega trade deals such as the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

The chief executive also acknowledged EU’s importance as a trade and investment partner of ASEAN.

“Thus, while an ASEAN-EU FTA (free trade agreement) 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," he said.

Marcos is also hoping that ASEAN-EU Trade and Investment Work Programme would help continue the momentum between the two regions in 2023 and beyond.