Trade and Industry Secretary Fred Pascual signed the Indo-Pacific Economic Framework for Prosperity Agreement (IPEF) alongside the United States and 12 other partner countries, marking a crucial step forward in strengthening supply chain resilience in the region.
Pascual emphasized that the agreement embodies the IPEF’s overarching vision of cultivating a resilient and inclusive regional framework.
“Truly, we remained steadfast to the fundamental objective of the IPEF to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies,” Pascual said.
Looking ahead, Pascual underscored the importance of operationalizing these groundbreaking agreements in 2024, with a focus on capacity building and technical assistance.
The Supply Chains Pillar of the agreement aims to establish robust, resilient, and well-integrated supply chains across the Indo-Pacific region.
Pascual highlighted the potential benefits of the IPEF Supply Chain Agreement for the Philippines, including fostering economic growth through increased business matching, sustainable investments from IPEF partners, enhanced crisis response capabilities, and the promotion of labor rights and workforce development.
Beyond the Supply Chain Pillar, Pascual drew attention to the Clean Economy Pillar’s commitments, focusing on green job initiatives for a just energy transition. The Fair Economy Pillar aims to enhance regional economic connectivity and integration, guided by principles of transparency, inclusivity, fairness, and accountability.