SAN FRANCISCO, CALIFORNIA–On 14 November 2023, Department of Trade and Industry (DTI) Secretary Fred Pascual signed the Indo-Pacific Economic Framework for Prosperity Agreement Relating to Supply Chain Resilience (IPEF Supply Chain Agreement) together with the United States and 12 other IPEF partner countries in San Francisco, California. He lauded the substantial conclusion of negotiations of the IPEF Clean Economy Agreement, the IPEF Fair Economy Agreement, and the Agreement on the Indo-Pacific Economic Framework for Prosperity at the IPEF Ministerial Meeting.
The DTI chief highlighted that the substantial conclusion of negotiations is poised to provide the substance and elements of the IPEF’s shared vision of an inclusive and resilient regional framework. Secretary Pascual said, “Truly, we remained steadfast to the fundamental objective of the IPEF to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. Through all we have achieved up to this point, we will fulfill our goal to contribute to cooperation, prosperity, development, and peace within the region.”
The trade and industry chief recognized the pivotal role of the United States and all IPEF partners in ensuring the spirit of cooperation and collective trust among member economies. He cited that after seven official negotiating rounds, one special round, and countless intersessional meetings, the signed agreement on supply chains and the concluded agreements on clean and fair economies are a testament to the IPEF’s collective vision.
Looking forward, Secretary Pascual emphasized that the focus is on operationalizingthese groundbreaking agreements in 2024 and cooperating on capacity building and technical assistance as soon as possible. The Supply Chains Pillar aims to work with all partners to ensure the entry into force and implementation of the IPEF Supply Chain Agreement, establishing robust, resilient, and well-integrated supply chains in the region.
In May 2023, the IPEF partners successfully concluded negotiations for Pillar II in Detroit, Michigan, USA, leading to the establishment of the IPEF Supply Chain Agreement. The partners officially signed the agreement at the IPEF Ministerial Meeting in San Francisco, California, on November 14, 2023.
The DTI chief highlighted that the IPEF Supply Chain Agreement will be instrumental in the Philippine’s aim of robust economic growth as it will produce benefits such as increased business matching and sustainable investments from IPEF partners in critical sectors, improved crisis response capabilities during supply chain disruptions, and promotion of labor rights and workforce development across IPEF supply chains.
In the Clean Economy Pillar, commitments related to cooperative work programs will be implemented, with a specific focus on mainstreaming green jobs for a just energy transition. The DTI chief underscored that the Philippines stands to gain from the promotion of enhanced human capital for green jobs, contributing to a more equitable, sustainable, and prosperous future.
For the Fair Economy Pillar, the trade and industry chief outlined the need for collaborative efforts to advance regional economic connectivity and integration through conducive environments. He emphasized that achieving this goal would necessitate upholding the principles of transparency, inclusivity, fairness, and accountability, which served as guiding values throughout the negotiations.
Acknowledging the significant role of IPEF in advancing the Philippine’s robust economic growth and expansion, Secretary Pascual said, “The Philippines stands unwavering in its commitment to catalyze regional collaboration and champion the core values of resilience, sustainability, and inclusiveness. Through our active engagement in the IPEF, we are paving the way for economic growth that is not just equitable but also transparent and accountable. This underscores our unwavering belief in a shared vision, solidifying our determination to shape a future of unparalleled prosperity for our nation and the entire region.” ♦
Date of release: 20 November 2023