MEMORANDUM OF UNDERSTANDING BETWEEN THE DEPARTMENT OF ENVIRONMENT AND NATURAL RESOURCES AND THE DEPARTMENT OF TRADE AND INDUSTRY-BOARD OF INVESTMENTS OF THE REPUBLIC OF THE PHIL…
Bilateral
The Department of Environment and Natural Resources and Department of Trade and Industry-Board of Investments of the Republic of the Philippines, and The Ministry of Trade, Industry and Energy of the Republic of Korea (hereinafter referred to individually as a “Participant” and collectively as the “Participants”) have a mutual interest to promote cooperation in the establishment of supply chains for critical raw materials between the Republic of Korea and the Republic of the Philippines and;
The Participants will:
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a)
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collaborate to discuss and form a strategic partnership for the establishment of critical raw material supply chains and cooperate to ensure a stable supply of critical raw materials within the partnership;
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enhance collaboration in the development, production, processing and supply of critical raw materials; and
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strengthen research and development (R&D) and scientific cooperation in the areas of the exploration, mining, processing and recycling for of critical raw materials;
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Have reached the following common recognition:
PARAGRAPH 1
OBJECTIVE
This Memorandum of Understanding (MOU) aims.to promote cooperation in the establishment of supply chains for critical raw materials on the principles of equality, fairness and reciprocity.
PARAGRAPH 2
ROLES OF THE PARTICIPANTS
ROLES OF THE PARTICIPANTS
The Participants will discuss, and collaborate in identifying programs and implementing agencies, and conduct review of progress, re-evaluate results and consider any aspects relevant to the promotion of the MOU such as, but not limited to:
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a)
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Discuss arrangements on exchange of investment information on a regular basis regarding critical raw materials, such as foreign investment screenings, perceived investment risks and regulatory requirements; mine rehabilitation and abandonment plans;
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Discuss the modernization of technologies for the extraction, refining and processing of the minerals which are included in critical raw materials;
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Collaborate in the exploration for new critical minerals deposits;
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Collaborate in the development of a market to recycle critical raw materials;
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Cooperate to establish integrated supply chains of critical raw materials, from mining to recycling;
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Encourage partnerships between Korean and Philippine companies; and
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Cooperate as set out below in relation to any disruptions in a critical supply chain of Participant, upon request, in order for the affected Participant to overcome the crisis at the earliest possible time:
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Regarding the goods affected by supply chain disruptions, encourage public-private sector cooperation on the supply of goods critical to the affected Participant; and/or
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| ii. | Discuss support measures in order to’. facilitate the rapid supply of the goods affected by supply chain disruptions. | ||
PARAGRAPH 3
AREAS OF COOPERATION
AREAS OF COOPERATION
Without prejudice to other areas of cooperation that may be considered in the future within the Participants’ mandates, the Participants will promote discussions and cooperation in the areas of:
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Improvement of policy on critical raw materials; and
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Sharing of information on:
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Trade of critical raw materials; and
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Supply chain disruptions such as by notifying the other Participant when their countries impose export restrictions on critical raw materials.
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PARAGRAPH 4
RESEARCH AND INNOVATION
RESEARCH AND INNOVATION
In order to strengthen research and innovation cooperation regarding critical raw materials supply chains, the Participants will endeavor to conduct joint meetings and discussions on the following:
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Conduct of research on the following to enhance research and innovation cooperation on critical raw materials;
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Carbon-emissions reduction using eco-friendly energy technology across the overall value chain, including exploration, mining, refining, processing, and recycling;
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Promotion of the circular economy through the effective use and recycling of critical raw materials;
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Development of new technologies for the exploration, development and production of critical raw materials, including value chains between critical minerals and materials, parts and components and related materials;
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Opportunities for people-to-people exchanges to develop technology and advance industries;
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Improvement of human resources and industrial infrastructure with a view to strengthening critical raw material supply chains based on global’ demand; and
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establish an R&D center to promote research/innovation on critical raw materials, mine rehabilitation and abandonment plans.
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PARAGRAPH 5
IMPLEMENTATION
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This MOU is not intended to create any legally binding rights or obligations.
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This MOU will be carried out in accordance with the respective laws and regulations of the two countries and subject to the availability of appropriated funds and human resources of the Participants .
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PARAGRAPH 6
SETTLEMENT OF DIFFERENCES
Any differences between Participants in the implementation of the MOU will be settled amicably by consultations or negotiations through diplomatic channels, with a view to finding a mutually satisfactory solution. It will not be referred to any court, international tribunal on third party settlement.
PARAGRAPH 7
INTELLECTUAL PROPERTY & CONFIDENTIALITY
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Intellectual property and data generated through the cooperative activities under this MOU will be protected in accordance with the international treaties to which the Participants are party, as well as their domestic laws and regulations related to intellectual property.
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The contents of this MOU, and any confidential materials or information generated through the cooperative activities under this MOU will not be disclosed or disseminated to any third party without the prior mutual consent of both the Participants.
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PARAGRAPH 8
MODIFICATION OR REVISION
The text of the MOU may be modified by mutual consent of the Participants, through diplomatic channels. Such modification or revision will be made in writing and signed by the representatives of the Participants and will commence on the date of signing.
PARAGRAPH 9
COMMENCEMENT, DURATION AND DISCONTINUANCE
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This MOU will take effect on the date of the later written notification by the Participants, through diplomatic channels, indicating that the domestic requirements for its effectivity have been complied with.
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The MOU will remain in effect for a period of five (5) years. The Participants, through diplomatic channels, may renew the MOU for another three (3) years upon their mutual written consent.
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Either Participant may discontinue the cooperation under the MOU at an time by a written notice of intention to discontinue, through diplomatic channels, the Participants should discuss the amicable discontinuance of the cooperation.
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Signed in Manila, Philippines on the 7th day of October 2024, in duplicate in the English language.
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For the Department
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For the Department of
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For the Ministry of
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of Environment and
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Trade and Industry-
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Trade, Industry and
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Natural Resources
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Board of Investments
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Energy
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of the Republic
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of the Republic
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of the Republic
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of the Philippines
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of the Philippines
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of Korea
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(Sgd.) Maria Antonia Yulo-
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(Sgd.) Ma. Cristina Aldeguer-
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Dukgeun Ahn
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Loyzaga
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Roque
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Secretary
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Secretary
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Minister
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