Reaffirming support to the goals of enhancing trade and investment flows, the Philippines joined countries covering the Indo-Pacific Economic Framework (IPEF) in calls to secure commitment in guaranteeing the free flow of critical goods food, fuel, medicine across the region.
Trade Undersecretary Ceferino Rodolfo representing Secretary Ramon Lopez expressed hope the remaining member states of Asean will be invited at the IPEF.
Launched in May, IPEF aims to strengthen US economic engagement in the Indo-Pacific region.
Rodolfo participated in the Informal Ministerial Meeting on the Trade Pillar of the IPEF on June 11 in Paris, led by US Trade Representative Ambassador Katherine Tai and attended by all framework partners that joined the official launch of the IPEF namely, Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam, including Fiji.
Cambodia, Laos and Myanmar have yet to be part of IPEF.
“We see the IPEF as a framework providing incentives to our stakeholders, tied up with the reforms that we are already undertaking domestically, through having a mechanism to link the Trade Pillar with pillars on supply chain resiliency and green energy transition. We also see this as a vehicle to spur investments from the private sector in these areas,” Rodolfo said.
Tai highlighted the vision and goals of the IPEF for future negotiations on the identified pillars: trade, supply chain, clean energy, decarbonization, and infrastructure; and tax and anti-corruption.
Tai shared her vision for the IPEF’s trade pillar and noted that the US looks forward to launching negotiations under this pillar, which will help fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region. Irma Isip
