Non-oil trade between the two countries increased 19.4% YoY in H1-2023 to reach US$ 500mn
HE Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, and HE Alfredo E. Pascual, Secretary of Trade and Industry of the Department of Trade and Industry for the Republic of the Philippines, recently finalized the scope of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and the Philippines, ushering in a new era of trade and investment cooperation between the two nations.
The launch of preliminary talks to establish a CEPA between the two countries was marked by a recent ceremony in Dubai, where a joint statement was signed between HE Al Zeyoudi and HE Pascual. The announcement is the latest milestone in the UAE’s CEPA program, which aims to diversify and expand the country’s non-oil foreign trade relations.
Strengthening bilateral ties
The UAE-Philippines CEPA will strengthen existing bilateral ties, which in the first half of 2023 saw non-oil trade increase to US$ 500mn, a growth of 19.4 percent compared to the same period in 2022.
Total non-oil trade between the two countries in 2022 reached US$ 1.9bn, double the amount over the last two years. The UAE is the Philippines second largest trade partner in the Middle East and Africa, accounting for approximately 30 percent of the Philippines total trade with the region.
Key strategic partner
“The Philippines is a key strategic partner for the UAE and a high-growth economy in the heart of a rapidly growing region. The launch of preliminary CEPA negotiations reflects our shared desire for sustainable economic growth, a vision we agree can be realized by strengthening our economic ties,” commented HE Al Zeyoudi.
“The CEPA we will work towards will create new opportunities for our respective business communities, boosting investment and trade exchanges, expediting the flow of goods, and creating new joint investments and projects in priority sectors,” HE added.
“With strong people-to-people ties and economic complementarities at its foundation, we are optimistic that the Comprehensive Economic Partnership Agreement (CEPA) will result to mutual prosperity and sustainable development for the Philippines and the United Arab Emirates,” concluded HE Pascual.
