The private sectors from the Philippines and eight Southeast Asian Nations-Business Advisory Council (ASEAN-BAC) member states have signed a memorandum of understanding (MOU) on Tuesday, to foster cooperation in agriculture and small business development.
The MOU was signed in Jakarta, Indonesia, during the ASEAN-Business Advisory Council (ASEAN-BAC) roundtable discussion. The agreement aims to conduct joint studies and mentorship channels with Filipinos for potential agriculture, agriculture technology, food security, agri-preneurship business models, and value chain development among small, medium, and large farmers, enterprises, and government entities.
The Philippines was represented by ASEAN -BAC Philippines Chairman Jose Ma. Concepcion III, the founder of Go Negosyo. Separate MOUs were signed for each cooperation with Thailand, Brunei, Singapore, Laos, Cambodia, Vietnam, Myanmar, and Indonesia through their respective ASEAN-BAC representatives.
The joint cooperation is expected to explore the development of trade and investment opportunities in various agricultural commodities including rubber, rice, corn, fruits, vegetables, and other agricultural services. All member-states also agreed to jointly promote effective strategies in addressing climate change and ensure a sustainable agribusiness environment.
The Philippines had previously signed a similar MOU with Malaysia during President Ferdinand R. Marcos Jr.’s state visit to Malaysia in July 2023.
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