The United Arab Emirates and the Philippines on Tuesday, February 15, signed a deal at Expo 2020 Dubai to bolster bilateral economic ties.
With the signing of a Joint Statement on the proposed Philippines-UAE Comprehensive and Economic Partnership Agreement (CEPA), both sides agreed to launch negotiations for a future CEPA.
That agreement is expected to strengthen trade, enhance investment flows, remove unnecessary barriers to trade, and create new business opportunities.
The UAE and the Philippines are also said to be headed towards unprecedented economic relations as the two countries concluded negotiations for the Investment Promotion and Protection Agreement (IPPA).
Ahmed Ali Al Sayegh, Minister of State, and Ramon Lopez, Secretary of Philippines Department of Trade and Industry (DTI), recognized the signing of the start of negotiations for the CEPA and committed towards the eventual signing of the IPPA.
After the bilateral meeting, Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Secretary Lopez signed the joint statement formally announcing the intent to pursue CEPA.
The cooperation between two countries adds another leaf to the success of the ongoing Expo 2020 Dubai in forging stronger connections and opening more opportunities for economic growth and prosperity.
The UAE is the Philippines’ biggest export partner in the Middle East.
In 2021, the total trade between the Philippines and the UAE grew by 34.7 percent to reach AED3.5 billion ($951 million) from AED2.6 billion ($705 million) in 2020.
In terms of investments, the UAE ranked as the 17th top source of approved investments in 2019, valued at AED48 million ($13.2 million).