Both the Philippine and United Arab Emirates (UAE) — particularly Dubai’s — business chambers are looking forward to the signing of a Free Trade Agreement (FTA) or comprehensive economic partnership agreement (CEPA) between the two countries this June. When this happens, it will be the first such FTA to be forged between the Philippines and the Middle East.

Though she did not give an exact date for when the signing of the accord will take place, Special Envoy of the President to the UAE for Trade and Investments Kathryna Yu-Pimentel revealed during her speech at the “New Horizons’ Doing Business with the Philippines” conference at the Shangri-La at the Fort yesterday that the Philippine — UAE FTA will be signed next month.

Pimentel is banking on developments in the two countries including the bilateral non-oil trade between the Philippines and UAE’s hitting $1.08 billion in 2023; UAE being the 17th largest trading partner and the top export market among the Gulf Cooperation Council (GCC) states; and the UAE being the leading GCC investor in the Philippines, investing over $129.4 million from 2019 to 2023, among others highlights.

Upward trend

“This upward trend will only continue, especially with the anticipated signing of the CEPA between the Philippines and the UAE, ‘inshallah’ next month. This will be historic in the sense that it will be our first free trade agreement with a Middle Eastern country. This milestone has been made possible under the strong leadership of Trade Secretary Cristina Roque and our Chief Negotiator, Trade Undersecretary Allan Gepty,” she said.

For his part, Salem Al Shamsi, vice president of International Relations at Dubai Chambers, said the signing of the CEPA, if it pushes through this June, will be beneficial for the UAE and the Philippines.

“This bilateral agreement is promising. We’ve seen it increase the bilateral trade and flow between other markets that the UAE has already signed. So hopefully by next month, as was announced today, by signing it, it’s going to open more doors for Dubai companies to have a look at what the business community and the market in the Philippines offers, and also for Philippine companies to join us in Dubai and take advantage of what we have built in the past,” said Al Shamsi in a press conference.