The Philippines and the United Arab Emirates (UAE) said they are looking forward to forging a comprehensive economic partnership leading to a bilateral free trade deal agreement (FTA) to further strengthen economic ties.
This was revealed by Trade and Industry Secretary (DTI) Alfredo E. Pascual after meeting with 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,
Pascual reported that agenda of the meeting was to review areas of trade and investments that can be of great potential in bolstering economic ties between the Philippines and UAE.
“They also looked forward to a possible PH-UAE Comprehensive Economic Partnership Agreement (PH-UAE CEPA), and the implementation of the Investment Promotion and Protection Agreement (IPPA),” DTI reported.
Last year, the Philippines signed an investment promotion and protection agreement (IPPA) with the UAE during the Expo 2020 Dubai in February 2022.
An IPPA is 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. (Ma. Joselie Coching-Garcia)