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PCC successfully concludes final round negotiation of ASEAN Framework Agreement on Competition

/ PCC successfully concludes final round negotiation of ASEAN Framework Agreement on Competition

PCC successfully concludes final round negotiation of ASEAN Framework Agreement on Competition

PRESS RELEASE
02 August 2024

PCC successfully concludes final round negotiation of ASEAN Framework Agreement on Competition

PCC Commissioner Lolibeth Ramit-Medrano (front row, 5th from right) and Economics Office Acting Director IV Kirsten dela Cruz (front row, 5th from left) with the ASEAN member states delegates to the ASEAN Framework Agreement on Competition (AFAC) concluding negotiations held on June 13-14, 2024.

The 12th and final negotiation round for the ASEAN Framework Agreement on Competition (AFAC) took place on June 13-14, in Manila, Philippines. It was hosted by the Philippine Competition Commission (PCC), with PCC Commissioner Lolibeth Ramit-Medrano as chair of the AFAC negotiations.

“Our collective sense of purpose in working towards regional economic integration has guided us through challenging areas to acceptable middle ground. I am exceedingly grateful for everyone’s flexibility, constructive engagement, cooperation, and utmost good faith throughout the negotiation process which enabled us to fulfill our mandate within the given timeline,” said Medrano in her address thanking the ASEAN Experts Group on Competition (AEGC).

PCC Commissioner Lolibeth Ramit-Medrano (middle photo, center) leads the conclusion of the negotiations during the first day of the final round negotiations of the ASEAN Framework Agreement on Competition on June 13, 2024, alongside ASEAN member states delegates (left and right photos).

The AFAC aims to: (i) foster a fair and competitive business environment in ASEAN and enhance economic efficiency and inclusive growth and development, (ii) enhance cooperation and coordination, particularly in investigative activities and enforcement activities, (iii) promote the internalisation of competition policy into regional and domestic economic policies, (iv) enhance the capacity of Member States to address anti-competitive activities and, (v) support regional economic integration, and contribute towards the creation of a competitive, innovative and dynamic ASEAN.

Delegates from ASEAN member states and ASEAN Secretariat with PCC Chairperson Michael G. Aguinaldo (8th from left), Commissioners Lolibeth Ramit-Medrano (7th from left) and Ferdinand M. Negre (center), and Executive Director Kenneth V. Tanate (5th from right), during the welcome dinner for the 12th and final negotiation round for the ASEAN Framework Agreement on Competition on June 13, 2024.

The launch of AFAC negotiations at the 54th ASEAN Economic Ministers (AEM) Meeting in September 2022 set an ambitious goal to conclude by mid-2024, a target that has been met with remarkable dedication and collaboration.

PCC Commissioner Lolibeth Ramit-Medrano (2nd from left) leads the plenary in concluding the negotiations during the final day of ASEAN Framework Agreement on Competition negotiations on June 14, 2024.

The Secretary-General of ASEAN, H.E. Dr Kao Kim Hourn, commended the AEGC for their unwavering effort and timely conclusion of the AFAC negotiation. He remarked, “The AFAC is not merely a milestone but a strategic imperative for ASEAN’s economic future. It underscores our collective commitment to tackling anti-competitive practices and addressing the anticipated increase in cross-border competition cases. With AFAC in place, we are poised to establish and uphold fair market conditions that will significantly enhance ASEAN’s attractiveness as a premier destination for investment and business. This Agreement demonstrates ASEAN’s resolve to cultivate a dynamic and competitive economic environment where innovation and enterprise can flourish”.

The finalization of the AFAC stands as a testament to ASEAN’s commitment to economic competitiveness and regional integration. By setting a robust framework for competition, ASEAN reaffirms its united position in the global economy on fair and efficient market practices, driving sustainable growth and prosperity across the region.

ASEAN member states delegates, ASEAN Secretariat, PCC personnel, and PCC Commissioner Lolibeth Ramit-Medrano (front row, 7th from left) on the second and final day of the 12th and final negotiation round for the ASEAN Framework Agreement on Competition on June 14, 2024.

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REFERENCE:  
publicaffairs@phcc.gov.ph  
PCC Public Affairs and Research Division 



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