BUSINESS
UAE trade deal moves closer
During the meeting, both sides acknowledged the need to further enhance Philippines-UAE bilateral trade, investments and economic cooperation
The Philippines and the United Arab Emirates have reaffirmed their commitment to strengthen their economic ties through a free trade agreement.
The Department of Trade and Industry said yesterday that Trade Secretary Alfredo Pascual and UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi met on the sidelines of the ASEAN Economic Community Council Meeting in Jakarta, Indonesia on 3 September.
"During the meeting, both sides acknowledged the need to further enhance Philippines-UAE bilateral trade, investments and economic cooperation," the DTI said in a statement.
The agenda during their meeting includes the Comprehensive Economic Partnership Agreement, or CEPA, and the Investment Promotion and Protection Agreement, or IPPA.
The IPPA was concluded by the Philippines and UAE during the country's National Expo Day at Expo 2020 Dubai in February last year.
Comprehensive trade deal
It is a modern, business-friendly and comprehensive agreement covering the promotion, facilitation and protection of investments between the Philippines and UAE.
On the other hand, the CEPA is a bilateral free trade agreement that is still being negotiated by the two countries.
The CEPA is also seen as the country's first FTA with a Middle Eastern country.
Earlier, DTI said it targets to conclude the formal talks on CEPA this year.
"Further, both trade ministers discussed exploring possible investments and cooperation in areas like renewable energy, research and development, and skills development," it added.