THE Department of Trade and Industry (DTI) said the US-backed Indo-Pacific Economic Framework (IPEF) is expected to boost trade and investment, particularly in the supply chain and green energy industries.
Trade Undersecretary Ceferino S. Rodolfo said during an informal ministerial meeting on the Trade Pillar of the IPEF in Paris on June 11 that the framework will be a “vehicle to spur investment from the private sector.”
“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,” Mr. Rodolfo said.
Mr. Rodolfo said he is hoping that other Association of Southeast Asian Nations (ASEAN) member states will be invited to the IPEF.
“To realize the vision of shared interests in post-pandemic economic recovery and supply chain resiliency, the Philippines, along with other framework partners, underscored the need to secure partners’ commitment in guaranteeing the free flow of critical goods such as food, fuel, and medicine,” the DTI said.
Launched on May 23, the IPEF seeks to boost the economic engagement of the US in the Indo-Pacific region. It aims to initiate objectives related to trade facilitation, standards for digital economy and technology, supply chain resiliency, decarbonization and clean energy, infrastructure, worker standards, and other areas of shared interest.
IPEF members are the US, Philippines, Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Singapore, Thailand, and Vietnam.
At the Paris session, US Trade Representative Katherine Tai said future IPEF negotiations will center on pillars such as trade, supply chains, clean energy, decarbonization, infrastructure; and tax and anti-corruption measures.
“In 2021, the Philippines’ total trade with current framework partners amounted to $106.89 billion, which is 53.71% of its total trade with the world. Among the framework partners, top trading partners of the Philippines are Japan, the US, South Korea, Singapore, and Thailand,” the DTI said. — Revin Mikhael D. Ochave
