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In a significant display of commitment to regional economic collaboration, Philippines’ Department of Trade and Industry (DTI) Secretary Fred Pascual reiterated the country’s dedication during the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting held. Secretary Pascual emphasized the necessity for collective action among partner countries to address common global challenges, particularly focusing on clean energy transition and bolstering anti-corruption measures.
Highlighting the Philippines’ strategic vision within the IPEF framework, Secretary Pascual underscored the importance of empowering partner nations and enhancing their value propositions as pivotal trade allies. This includes facilitating access to technical assistance, capacity-building initiatives, and collaborative activities such as best practices exchange, infrastructure modernization support, workforce development, public-private partnerships, and academic collaboration.
Secretary Pascual also acknowledged the recent landmark signings at the Ministerial Meeting, including the Overarching Agreement on the IPEF, the Clean Economy Agreement, and the Fair Economy Agreement. These agreements are set to strengthen supply chain transparency, address vulnerabilities, elevate worker roles, and promote labor rights across the region.
On the Clean Economy Agreement, Secretary Pascual stressed its tailored framework designed to assist IPEF partners in transitioning to sustainable economic practices. He highlighted the Cooperative Work Programme as a crucial platform for sharing insights and best practices essential for achieving green transition objectives.
Furthermore, Secretary Pascual commended advancements in discussions surrounding hydrogen and carbon markets, clean electricity, just transition strategies, sustainable aviation, and innovative proposals like embedded emissions accounting, e-waste urban mining, and small modular reactors.
The inaugural Clean Economy Investor Forum was cited as evidence of the shared commitment among countries to foster deeper economic ties and stakeholder engagement, driving sustainable, inclusive growth with a focus on worker-centric policies.
Regarding the Fair Economy Agreement, Secretary Pascual emphasized the Philippines’ intent to seek technical support for implementing commitments under the UN Convention Against Corruption, particularly in combating bribery. This collaboration aims to enhance transparency and predictability within the Indo-Pacific business environment.
In conclusion, Secretary Pascual reaffirmed the Philippines’ active engagement with IPEF partners, highlighting the ongoing efforts to realize a prosperous Indo-Pacific region built on resilient supply chains, sustainable economies, and robust governance frameworks. Looking ahead, he expressed optimism about future collaborations and progress towards shared aspirations.
The Clean Economy and Fair Economy Agreements are integral components of the IPEF, alongside the Trade and Supply Chains Pillars, collectively forming a comprehensive framework to drive economic integration and prosperity across the Indo-Pacific region. |
