SAN FRANCISCO, CALIFORNIA - The Philippines, along with 13 Indo-Pacific partners, has signed an agreement to bolster supply chain resilience and reached a substantial conclusion on negotiations for agreements promoting a clean and fair economy under the Indo-Pacific Economic Framework (IPEF). President Ferdinand R. Marcos Jr. represented the Philippines at the 2nd IPEF Leaders' Meeting on Friday, contributing to the bloc's commitment to sustainable economic practices.
According to Philippines News Agency, these agreements aim to enhance supply chain resilience, support green energy transition, and combat corruption. The agreements reflect the group's rapid progress in achieving their goals and signify a collective effort to address critical economic issues in the region. The IPEF partners have agreed to launch the IPEF Critical Minerals Dialogue, a platform to collaborate on strengthening critical mineral supply chains and enhancing regional economic competitiveness. They also plan to explore additional initiatives in areas like energy security and technology. The IPEF framework, covering 40 percent of global GDP and 28 percent of global trade, focuses on promoting workers' rights, environmental protection, and sustainable economic opportunities across its member countries. U.S. President Joe Biden highlighted the partnership's potential to attract private sector investment in various projects across the region, including solar power in the Philippines and wind energy in Thailand and Indonesia. The IPEF, since its initiation in May 2022, has been working on intensive discussions covering trade, supply chains, clean and fair economies. The framework's objectives include fostering resilience, sustainability, inclusiveness, and fairness in economic growth and competitiveness. The Philippines and the United States will co-host the 2024 Indo-Pacific Business Forum in Manila, marking a significant step in establishing the Philippines as a central hub for regional supply chains and investments.