SAN FRANCISCO, USA— President Ferdinand “Bongbong” Marcos Jr. on Friday (PH Time) participated in the 2nd Indo-Pacific Economic Framework for Prosperity (IPEF) Leaders’ Meeting as he committed to implementing measures that prevent supply chain disruptions and promote green energy.
In their statement, the heads of states said they have delivered their goals on time as their ministers signed the first-of-its-kind Supply Chain Agreement, and substantially concluded the negotiations on a groundbreaking Clean Economy Agreement and an innovative Fair Economy Agreement.
“Our ongoing cooperation through these agreements will promote workers’ rights, increase our capacity to prevent and respond to supply chain disruptions, strengthen our collaboration on the transition to clean economies, and combat corruption and improve the efficiency of tax administration,” the statement read.
“Thirteen of us have made progress on and continue to work towards a mutually beneficial Trade Pillar outcome that advances workers’ rights through strong and enforceable labor standards; improves economic opportunities for families, ranchers and farmers, and micro-, small-, and medium-sized enterprises; and promotes fair, open, and rules-based trade, accompanied by technical assistance and economic cooperation, benefiting all segments of society,” it added.
To recall, the United States launched in May 2022 the IPEF with Australia, Brunei Darussalam, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.
Fiji is the newest member of the group.
The leaders, meanwhile, said they would soon be launching the IPEF Critical Minerals Dialogue to foster closer collaboration on strengthening IPEF critical mineral supply chains and boosting regional economic competitiveness.
They also promised to explore additional initiatives to advance cooperation and dialogue on areas of mutual interest, such as energy security and technology.
The leaders also recognized that mobilizing high-standard public and private financing, including concessional financing at an increased scale as appropriate, will facilitate investments in their supply chain resilience and clean economy transitions.
“Through our ongoing engagement and cooperation, IPEF will enhance our ability to promote workers’ rights, protect the environment, and create decent work and inclusive, sustainable economic opportunities in a future of peace, stability, development, and prosperity for all our people,” the statement indicated.—AOL, GMA Integrated News