The Department of Trade and Industry (DTI) said the government plans to start negotiations on a bilateral free trade agreement (FTA) with the United Arab Emirates (UAE) in 2024.
“We’re targeting to finish the terms of reference within the year. And then, hopefully, by next year, we can start with the negotiation,” said DTI’s Industry Development and Trade Policy Group (IDTPG) Assistant Secretary Allan B. Gepty last Sept. 8, during an online meeting with the press.
He explained that the agreement between the Philippines and UAE is a comprehensive economic partnership that will include “services, digital trade, among others."
The Philippine-UAE Comprehensive Economic Partnership Agreement (PH-UAE CEPA) was one of the agenda of the meeting between DTI Secretary Alfredo E. Pascual and the UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi at the sidelines of the 23rd ASEAN Economic Community (AEC) Council Meeting on Sunday, Sept. 3, in Jakarta, Indonesia.
“Of course, there are other areas of cooperation that are being pursued by the UAE, they also push to have joint economic commission and other customs cooperations,” Gepty added.
The goal of the said meeting between the two trade ministers was to examine trade and investment opportunities that may greatly strengthen economic ties between the Philippines and the UAE.
The DTI said part of the agenda was “exploring possible investments and cooperation in areas like renewable energy, research and development, and skills development.” (Ma. Joselie C. Garcia)