The Department of Trade and Industry is moving to finalize a Comprehensive Economic Partnership Agreement (CEPA) with the government of the United Arab Emirates (UAE), a pact meant to enhance trade in goods and services, streamline cross-border investments, and promote economic collaboration between the two countries.
From 3 to 5 October, Trade Acting Secretary Cristina Roque led an official group on a four-day official visit to the UAE to advance the Philippines’ trade and investment agenda in the Middle East region.
Focusing on strategic engagements designed to enhance economic collaboration with the UAE, the DTI group undertook high-level discussions on CEPA, and met with His Excellency Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, to finalize details regarding the Agreement.
“The Philippines is dedicated to solidifying its partnership with the UAE to drive economic growth and open new doors for Filipino entrepreneurs,” Secretary Roque shared. “The finalization of the CEPA will not only strengthen our bilateral trade but also set the foundation for long-term, mutually beneficial cooperation.”
Significant progress
The Philippines and the UAE have made significant progress in their CEPA negotiations and Secretary Roque’s dialogue with Minister Al Zeyoudi was seen as pivotal in facilitating the completion of this historic agreement, the Philippines’ first trade deal in the Middle East and a Gulf Cooperation Council (GCC) member.
The CEPA negotiations were officially proposed on 8 December 2021, followed by the signing of a Joint Statement of Intent on February 2022.
The Terms of Reference were subsequently established in December 2023, while the first and second rounds of negotiations took place in May and July 2024, respectively.
Substantial progress has been made through targeted consultations and virtual meetings, all aimed at finalizing the negotiations by the end of 2024.
50th PH-UAE relations anniversary
The timeline is particularly significant as it coincides with the 50th anniversary of PH-UAE bilateral relations.
“The UAE is a vital partner in our goal to diversify trade relations and maximize the potential of our local businesses. Through this collaboration, we aim to tap into the UAE’s strategic position as a gateway to the broader Gulf region, creating a wealth of opportunities for Filipino businesses.
The UAE government indicated its eagerness to quickly and aggressively invest in such sectors as infrastructure, railways, renewable energy, data centers/AI, real estate and health. We also want to leverage the UAE as a strong partner for foreign investments in many key sectors of our economy,” the DTI chief emphasized.
During the visit to the UAE, Secretary Roque will promote priority investment sectors, including agribusiness, renewable energy, information technology and tourism.