Home Economy Indo-Pacific framework seen playing key role in clean energy transition

Indo-Pacific framework seen playing key role in clean energy transition

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REUTERS

THE Department of Trade and Industry (DTI) said on Saturday that collective action is needed to address the clean energy transitions and anti-corruption efforts.

The statement was issued in the wake of the signing of the Clean Economy and Fair Economy Agreements, as well as the Overarching Agreement on the Indo-Pacific Economic Framework for Prosperity (IPEF) agreements at the IPEF Ministerial Meeting last week.

Trade Secretary Alfredo E. Pascual said that the agreements will help empower the Philippines by boosting its value proposition as a key trade ally and prime location for strategic, sustainable, and inclusive investments.

“(These agreements) by providing access to technical assistance, capacity-building, and other collaborative activities such as best practices and information sharing, support for infrastructure modernization, workforce and project development, public-private partnerships, and collaboration with academia,” he added.

Mr. Pascual said that the agreement on clean economies will address the needs and gaps in the transition to clean economies.

He added that the cooperative work program “will serve as a platform to exchange ideas and best practices necessary to determine the best approaches towards green transition.”

Meanwhile, the agreement on fair economy will allow the Philippines to seek technical assistance to implement IPEF partners’ commitments under the UN (United Nation) Convention Against Corruption.

Mr. Pascual said that the agreement will help improve transparency and predictability in the business environment within the Indo-Pacific region.

“(These) bring us significantly closer to our vision of a prosperous Indo-Pacific region that is built on secure and resilient supply chains, transition to sustainable and clean economies, and transparency and good governance through robust tax and anti-corruption regimes,” Mr. Pascual said.

“The Philippines will continue to actively engage with the rest of the IPEF partners in working towards realizing our aspirations in this endeavor, and I also look forward to touching base with everyone again later this year,” he added.

The signing of the three agreements follows the implementation of the Supply Chain Agreement, which was signed in San Francisco last year. — Justine Irish D. Tabile

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