PH Joins US, 11 Other Regional Partners for Launch of Indo-Pacific Economic Framework

MAKATI CITY 31 May 2022 — The Philippine Government, represented by Department of Trade and Industry (DTI) Secretary Ramon M. Lopez, joined U.S. President Joseph R. Biden Jr. and 11 other leaders and ministers of regional partners from Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Singapore, Thailand, and Vietnam in virtually launching the Indo-Pacific Economic Framework (IPEF) on Monday, 23 May 2022.

President Biden underscored the importance of the IPEF in working towards realizing an Indo-Pacific that is free and open, connected and prosperous, secure, resilient, and where economic growth is sustainable and inclusive. He reaffirmed the U.S.’ commitment to the region “for the long haul” and readiness to work with the initial 13 countries and others that may wish to join in the future in writing new rules for the 21st century economy.

The initiative was welcomed by the 12 country partners as a strong, positive signal of the United States’ revitalized engagement in the Indo-Pacific region, which is home to half of the world’s population and over 60 percent of global GDP. Regional partners placed emphasis on ensuring that the IPEF is open to all countries in the region, is mutually beneficial, translates to concrete action plans, and with ASEAN at its core.

Reading the remarks of President Rodrigo Roa Duterte, Secretary Lopez acknowledged the general alignment of the broad themes of the IPEF in advancing resilience, sustainability, inclusiveness and competitiveness and the Philippines’ economic and development priorities. The Philippines sees the IPEF as complementing individual and collective efforts towards inclusive recovery, and U.S. support for ASEAN Member States in the pursuit of IPEF initiatives will be critical.

The Philippines’ participation in the IPEF is supported by a whole-of-government approach, with the DFA and DTI leading the interagency team. END