Trade and Industry Secretary Alfredo E. Pascual said the Philippines is not closing to formalizing its trade relations with the US amid pronouncements by its number one ally to focus on the Indo Pacific Economic Framework (IPEF) instead of free trade deals.
DTI Secretary Alfredo E. Pascual
While Pascual agreed with visiting US Trade Representative Ambassador Katherine Tai that the US policy is no longer on FTA deals but IPEF, the trade secretary said the Philippines will not close doors to formalizing its trade relations with the US in other forms, including the reauthorization of the US Generalized System of Preferences.
Pascual noted that the economic cooperation between the two countries’ US-Philippines 2+2 Ministerial Dialogue which issued a joint statement on April 11 this year.
The joint statement was issued by US Secretary of State Antony Blinken, US Secretary of Defense Lloyd Austin and the Philippines' Foreign Affairs Secretary Enrique Manalo and Defense Senior Undersecretary and officer-in-charge Carlito Galvez Jr. after the successful conclusion of the dialogue.
On the economic aspect, the statement noted that both countries committed to explore additional avenues to enhance economic engagement.
Both countries agreed to deepen bilateral trade and investment relationship under the Trade and Investment Framework Agreement (TIFA).
In addition, they will continue to advance the shared agenda for inclusive and sustainable economic growth through the modernization of infrastructure, the digital economy, enhanced agricultural productivity, promotion of renewable energy and green technologies, and enhanced food and energy security.
The US and Philippines also commit to further collaborate in building resilient supply chains and safeguarding critical and emerging technologies. This includes working together to develop and build the resilience of the Philippine and US semiconductor industries.
On climate crisis, both countries agreed to enhance cooperation in addressing the climate crisis and prepare for and prevent its worst impacts, including on vulnerable populations.
To this end, both countries further committed to collaborate on assessments of climate threats, and incorporating these assessments into joint planning, innovation, training, investments and financing to accelerate and increase renewable energy capacity as well as the grid expansion needed to facilitate its deployment, in support of the Philippines’ clean energy transition.
They welcomed the recent launch of the US-Philippines Offshore Wind Development Partnership as an important step towards delivering crucial technical assistance to accelerate offshore wind development. They also decided to explore partnerships and promote public-private initiatives on climate transition financing.
Both countries also agreed to launch the Energy Policy Dialogue, a high-level platform for the two nations to develop new forms of energy cooperation, including on short- and long-term energy planning, offshore wind development, rooftop solar capabilities, nuclear energy for electricity generation, and grid stability and power transmission.