The Department of Trade and Industry (DTI) shared that it expects the ratification process for the Investment Promotion and Protection Agreement (IPPA) between the Philippines and Qatar to be finalized within the year, following productive meetings between parties during the recent Qatar Economic Forum (QEF).
In a statement on May 15, DTI said that Secretary Alfredo Pascual and Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani of the Qatar Ministry of Commerce and Industry (MOC) have agreed on finalizing the ratification.
Back in 2017, under the helm of former President Rodrigo Duterte, the Philippines signed a memorandum of understanding (MOU) on the IPPA during Duterte's visit to Qatar.
DTI shared that the Philippines had concluded its domestic ratification procedures in April.
The Philippine Trade and Investment Centre (PTIC) in Dubai told reporters in a Viber message that "the Qatar side is finalizing their Arabic version of the IPPA, which they need for their own ratification process."
Pascual said he is confident that when the IPPA enters into force, it will "translate into productive investment figures contributing to our mutually shared prosperity."
“We are pleased with the progress made in this meeting and we are positive that the finalization of the IPPA ratification process will soon pave the way for its full implementation," said Pascual.
Aside from the IPPA, Pascual and the Qatar Minister also agreed on creating a memorandum of understanding (MOU) to facilitate exchanges of information, best practices, training, and dialogues on intellectual property (IP) rights and protection amid concerns of counterfeit Filipino brands in Qatar.
The officials also discussed the possibility of holding the Philippines-Qatar Joint Economic, Commercial, and Technical Committee (JECTC) meeting in the first quarter of 2025, which was proposed to Qatar's Emir Sheikh Tamim bin Hamad Al Thani in his visit to Manila last month.
Moreover, both parties also shared their common aims of gaining more investments in integrated circuit (IC) design and manufacturing, as well as financial services, noted DTI.
"The Philippines is eager to further strengthen its economic partnership with Qatar through enhanced investment flows, increased cooperation on intellectual property rights, and the establishment of the Joint Economic, Commercial, and Technical Committee. We believe that this collaboration will not only benefit our two countries but also contribute to greater prosperity and stability in both the Gulf and Southeast Asia regions," said Pascual.