The Philippines joined Asean member-economies in the launch on Monday of the Indo-Pacific Economic Framework (IPEF) saying it complements “our individual and collective efforts towards inclusive recovery. “
Secretary Ramon Lopez of the Department of Trade and Industry represented President Duterte in the launch of IPEF where participating countries agreed to adopt a trade policy that creates inclusive growth and supports quality job creation that will benefit economies around the world.
The commitment to the IPEF was initiated by US President Joe Biden.
The IPEF seeks to advance economic growth, resilience, sustainability, competitiveness, and inclusiveness within the Indo-Pacific region. It gives importance to promoting trade, trade facilitation, technology and the digital economy based on the IPEF’s pillars on supply chain resilience, clean energy, decarbonization, and infrastructure. Participating countries are Australia, Brunei, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, US, and Vietnam.
Lopez, reading Duterte’s speech, said the IPEF complements, affirmed the importance of promoting emerging areas in trade, technology and digital economy, themes that are generally aligned with the Philippines’ economic and development priorities.
“Advancing resilience, sustainability, inclusiveness, and competitiveness are consistent with the Philippines’ interests and development objectives,” Lopez said.
He added: “The Philippines looks forward to seeing greater participation from other countries particularly in the Asean region. We welcome the United States’ assurance of support for Asean member-states in pursuing IPEF initiatives.” – Irma Isip
