The Department of Trade and Industry (DTI) is working to finalize a comprehensive economic partnership agreement (CEPA) with the United Arab Emirates (UAE), a move aimed at strengthening economic ties between the two nations.
DTI Secretary Cristina A. Roque recently met with the UAE's Minister of State for Foreign Trade to discuss the finalization of the CEPA.
During the meeting, Roque expressed Manila’s commitment to solidifying its partnership with the UAE, emphasizing the potential for economic growth and opportunities for Filipino entrepreneurs.
The CEPA, once finalized, is expected to boost bilateral trade, streamline investments, and establish long-term cooperation between the Philippines and the UAE.
The DTI noted that significant progress has been made in the negotiations, which began in December 2021, followed by the signing of a Joint Statement of Intent in February 2022.
A Terms of Reference (TOR) was subsequently established in December 2023, while the first and second rounds of negotiations took place in May and July 2024, respectively.
The Philippines and the UAE are looking to complete the CEPA negotiations by the end of 2024, coinciding with the 50th anniversary of their bilateral relations.
“Through this collaboration, we aim to tap into the UAE’s strategic position as a gateway to the broader Gulf region, creating a wealth of opportunities for Filipino businesses,” Roque said.
“The UAE government is also eager to quickly and aggressively invest in sectors such as infrastructure, railways, renewable energy, data centers/AI, real estate, and health,” she added.
She also emphasized the importance of the UAE in diversifying trade and attracting foreign investments to key sectors of the Philippine economy.
The discussions between the DTI and the UAE government involved special envoys and the Philippine ambassador to the UAE. (Derco Rosal)