President Marcos joined other world leaders in vowing to implement measures that prevent supply chain disruptions, combat corruption, and promote green energy.

Marcos attended the Indo-Pacific Economic Framework for Prosperity (IPEF) leaders’ meeting on Friday, Nov. 17 (Manila time), where the state leaders presented the statement of commitment on addressing some of the pressing issues in the region.

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.

The leaders said their statement on IPEF that they have delivered on their goals in record time, and their ministers signed in San Francisco 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 said.

“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,” the leaders further stated.

The world leaders committed to continue to strengthen regional cooperation to address emerging issues, drive innovation, and boost flows of commerce, trade, and investment across regional markets.

They also said they will be launching the IPEF Critical Minerals Dialogue to foster closer collaboration on strengthening IPEF critical mineral supply chains and boosting regional economic competitiveness.

The IPEF, they said, will also explore additional initiatives to advance cooperation and dialogue on areas of mutual interest, such as energy security and technology, as they emphasize the importance of deepening people-to-people ties and intend to promote IPEF networks to share ideas and expertise.

In his message, US President Joe Biden mentioned many opportunities and ideas to attract private sector investments.

He cited the solar power investments in the Philippines as an example, the offshore wind in Thailand and Indonesia, and the joint investment between the United States and India on energy storage.

Biden also said they have also agreed to fight corruption and improve tax administration so that “private companies don’t have any worry about their investments being used properly.

The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade.

The Philippines and the US will co-host the 2024 Indo-Pacific Business Forum in Manila in March 2024, which will further establish the Philippines as a key hub for regional supply chains and high-quality investment.