TOKYO: Prime Minister Sanae Takaichi and Philippine President Ferdinand Marcos Jr. are set to agree during their summit meeting on Thursday (May 28) to move forward with creating rules and frameworks to ensure stable supplies of critical minerals and energy, according to Japanese government sources.
The two leaders are set to agree to consider revising Japan’s economic partnership agreement (EPA) with the Association of Southeast Asian Nations, which is currently chaired by the Philippines.
Marcos arrived in Japan on Tuesday as the first state guest of the Takaichi administration.
He met with the Emperor and Empress on Wednesday and is scheduled to deliver a speech at the Diet.
According to the sources, the leaders are expected to agree at the summit to proceed with discussions on upgrading the Asean-Japan Comprehensive Economic Partnership Agreement, which entered into force in 2008. If realized, it will be the second revision of the agreement, following one in 2019.
Through the revision, the government envisions incorporating provisions for cooperation on joint procurement and alternative transportation methods in the event that supply chains for critical minerals and energy face a crisis.
The initiative is positioned as a showcase effort to materialize the evolution of the free and open Indo-Pacific concept championed by the prime minister.
They will also advance the introduction of new rules in the digital sector, including on data flows, to improve the business environment.
The government also plans to simultaneously proceed with a review of the bilateral EPA between Japan and the Philippines. - The Yomiuri Shimbun
