President Ferdinand R. Marcos Jr. participated in the 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) Leaders’ Meeting on Thursday (November 16) joining other world leaders in vowing to implement measures that prevent supply chain disruptions, promote green energy and combat corruption.
President Marcos attended the presentation of the Leaders’ Statement on IPEF at the George R. Moscone Convention Center in San Francisco, California Thursday which address some of the pressing issues in the region.
The United States launched in May 2022 the IPEF with Australia, Brunei Darussalam, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Fiji is the newest member.
In the Leaders’ Statement on IPEF, leaders of the said countries said they have delivered on their goals in record time, and their ministers signed in San Francisco the first-of-its-kind Supply Chain Agreement, and substantially concluded the negotiations on a groundbreaking Clean Economy Agreement and an innovative Fair Economy Agreement.
“Our ongoing cooperation through these agreements will promote workers’ rights, increase our capacity to prevent and respond to supply chain disruptions, strengthen our collaboration on the transition to clean economies, and combat corruption and improve the efficiency of tax administration,” the statement said.
“Thirteen of us have made progress on and continue to work towards a mutually beneficial Trade Pillar outcome that advances workers’ rights through strong and enforceable labor standards; improves economic opportunities for families, ranchers and farmers, and micro-, small-, and medium-sized enterprises; and promotes fair, open, and rules-based trade, accompanied by technical assistance and economic cooperation, benefiting all segments of society,” it further stated.
Through these and new initiatives, they will continue to strengthen regional cooperation and shared commitments to address emerging issues, drive innovation, and boost flows of commerce, trade, and investment across regional markets.
And to strengthen regional cooperation and shared commitments to address emerging issues, drive innovation, and boost flows of commerce, trade, and investments, they said they will be launching the IPEF Critical Minerals Dialogue to foster closer collaboration on strengthening IPEF critical mineral supply chains and boosting regional economic competitiveness.
IPEF, they said, will also explore additional initiatives to advance cooperation and dialogue on areas of mutual interest, such as energy security and technology, as they emphasize the importance of deepening people-to-people ties and intend to promote IPEF networks to share ideas and expertise.
The leaders also recognized that mobilizing high-standard public and private financing, including concessional financing at an increased scale as appropriate, will facilitate investments in their supply chain resilience and clean economy transitions.
“Through our ongoing engagement and cooperation, IPEF will enhance our ability to promote workers’ rights, protect the environment, and create decent work and inclusive, sustainable economic opportunities in a future of peace, stability, development, and prosperity for all our people,” the statement read.
In his message, US President Joe Biden mentioned many opportunities and ideas to attract private sector investments.
He cited the solar power investments in the Philippines as an example, the offshore wind in Thailand and Indonesia, and the joint investment between the United States and India on energy storage.
Biden also said they have also agreed to fight corruption and improve tax administration so that “private companies don’t have any worry about their investments being used properly.
“Every business leader I’ve talked to and my colleagues have, they’re more likely to invest in a region if there’s less corruption, more transparency. And that’s exactly what this agreement does and would show them,” Biden said after the agreement signing.
The framework aims advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in those economies, with IPEF partners contributing to cooperation, stability, prosperity, development, and peace within the region.
The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade.
The Philippines and the US will co-host the 2024 Indo-Pacific Business Forum in Manila in March 2024, which will further establish the Philippines as a key hub for regional supply chains and high-quality investment. |PND
