UAE, Philippines to strengthen trade ties

The United Arab Emirates and Philippines are bolstering economic relations with the signing of a Joint Statement on the Proposed Philippines-UAE Comprehensive and Economic Partnership Agreement (CEPA).

Both sides have agreed to launch negotiations for a future CEPA that will strengthen trade, enhance investment flows, remove unnecessary barriers to trade and create new business opportunities.

Furthermore, the UAE and the Philippines are heading towards unprecedented economic relations as the two countries concluded negotiations for the Investment Promotion and Protection Agreement (IPPA).

The cooperation between the two countries adds to the success of Expo 2020 Dubai in forging stronger ties and opening up more opportunities for economic growth and prosperity.

The UAE is the Philippines’ biggest export partner in the Middle East. In 2021, the total trade 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).

During the Philippines Country Business Briefing held in parallel with the Philippines National Day at Expo 2020 Dubai, they welcomed Letters of Intent from GCC companies.

These are expected to bring in AED2.2 billion ($600 million) worth of investments and generate 4,000 job opportunities in the country’s healthcare, energy, tourism and hospitality, and dairy industries.

اتفاق بين الإمارات والفلبين لتعزيز التعاون الاقتصادي والتجاري#وام https://t.co/L6SmZIwVfx

— وكالة أنباء الإمارات (@wamnews) February 15, 2022