The Philippines and other countries in the Indo-Pacific region have launched the process to establish the Indo-Pacific Economic Framework (IPEF) for Prosperity.
The Philippines and other countries in the Indo-Pacific region have launched the process to establish the Indo-Pacific Economic Framework for Prosperity.
Nations joining the United States in the Indo-Pacific Economic Framework are Australia, Brunei Darussalam, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. Along with the US, these countries represent 40 percent of world gross domestic product .
In the long term, the 13 members stressed, “economic competitiveness will be largely defined by our ability to harness technology, promote innovation, participate in the digital economy, justly transition energy systems and achieve energy security, and tackle the climate crisis in a manner that produces equitable, inclusive growth and improved socioeconomic welfare.”
The countries have agreed to launch collective discussions toward future negotiations on the following pillars: Trade; Supply Chains; Clean Energy, Decarbonization, and Infrastructure; and Tax and Anti-Corruption. Framework partners will be engaging in such discussions on various ways to strengthen economic cooperation to achieve these goals.
“This involves deepening cooperation on technologies, on mobilizing finance, including concessional finance, and on seeking ways to improve competitiveness and enhance connectivity by supporting the development of sustainable and durable infrastructure and by providing technical assistance,” the countries further explained.
“We look forward to jointly creating conducive environments to boost flows of commerce, trade, and investments amongst our economies, and to enhancing standards and access to our opportunities for our workers, companies, and peoples in our combined markets,” they added.
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