The private sectors from the Philippines and eight other state members of the Association of Southeast Asian Nations-Business Advisory Council (ASEAN-BAC) signed a memorandum of understanding (MOU) in Jakarta on Tuesday, for agriculture cooperation and small business development, seeking to boost ASEAN efforts towards economic integration.

The MOU aims to jointly conduct “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.”

Separate MOUs were signed for each cooperation with Thailand, Brunei, Singapore, Laos, Cambodia, Vietnam, Myanmar, and Indonesia through their respective ASEAN-BAC representatives.

The Philippines was represented by ASEAN-BAC Philippines Chairman Jose Ma. Concepcion III, the founder of Go Negosyo.

The development of trade and investment opportunities in various agricultural commodities including rubber, rice, corn, fruits, vegetables, and other agricultural services is expected to be explored under this joint cooperation.

All member-states also agreed to jointly promote effective strategies in addressing climate change and ensure a sustainable agribusiness environment.

The Philippines has signed the same MOU with Malaysia during President Ferdinand Marcos Jr.’s state visit to Malaysia in July 2023. Presidential News Desk