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Manila Bulletin devider Business devider Trade & Industry devider PH, UAE move closer to forging comprehensive FTA

PH, UAE move closer to forging comprehensive FTA

Published Dec 3, 2023 02:05 pm

The Philippines and United Arab Emirates (UAE) signed the Terms of Reference (TOR) for the Negotiations of a Comprehensive Economic Partnership Agreement (CEPA), the first step towards the proposed bilateral free trade agreement between the two countries. 

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PHILIPPINES-UAE TERMS OF REFERENCE (TOR) FOR THE COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT -- Trade and Industry (DTI) Secretary Alfredo E. Pascual and Minister of State for Foreign Trade, H.E. Thani bin Ahmed Al Zeyoudi sign the TOR as part of DTI’s side activities at Conference of the Parties (COP) 28 on Dec. 2, 2023 in Dubai. 

Trade and Industry (DTI) Secretary Fred Pascual and Minister of State for Foreign Trade, H.E. Thani bin Ahmed Al Zeyoudi signed the TOR as part of DTI’s side activities at Conference of the Parties (COP) 28 on Dec. 2, 2023 in Dubai. 

In a statement, the DTI said that TOR for the Negotiations of the CEPA  provides guidelines on the conduct of the negotiations and the scope and coverage of the proposed CEPA. The CEPA is envisioned to expand the flow of goods and services exports to the UAE and the greater Gulf region, generate more investments from UAE, and create more opportunities for professionals and service providers in the UAE. 

The CEPA with the UAE will operationalize the Philippines’ trade strategy to enter new markets as envisaged in the Philippine Development Plan (PDP) 2023-2023 and the Philippine Export Development Plan (PEDP) 2023-2028. 

The UAE is the Philippines’ 17th largest trading partner and the top export market among all Gulf Cooperation Council member states. Additionally, the UAE is the second home to one of the largest populations of overseas Filipinos in the Middle East, as well as well-known and home-grown Filipino brands and businesses. 

Last year, both parties signed the Investment Promotion and Protection Agreement (IPPA), a government-to-government agreement that promotes and safeguards investments made by investors of one contracting party in the other contracting party’s territory.

Discussions on CEPA, meanwhile, officially started last year between former DTI Secretary Ramon Lopez and UAE Minister Al Zeyoudi. 

“Further, both trade ministers discussed exploring possible investments and cooperation in areas like renewable energy, research and development, and skills development,” Pascual reported. 

The UAE is known to be the Philippines’ biggest export partner in the Middle East. Based on a UN database, the Philippines exported a total of $315.19 million to the UAE in 2022, with the highest trade rate in machinery, nuclear reactors, and boilers. 
 

 

 

 

 

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