THE Philippines is set to complete a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) this year, according to Acting Trade Secretary Cristina Roque, following an October 3-5 official visit to the Middle Eastern nation.
“The finalization of the CEPA will not only strengthen our bilateral trade [with the UAE] but also set the foundation for long-term, mutually beneficial cooperation,” Roque said in a statement.
Among the items Roque discussed with UAE Minister of Foreign Trade Thani bin Ahmeg were investment opportunities in the Middle East region. “The Philippines is solidifying its partnership with the UAE to drive economic growth and open new doors for Filipino entrepreneurs,” she said.
The CEPA was initiated in December 2021, followed by the signing of a Joint Statement of Intent in February 2022 and the Terms of Reference (TOR) in December 2023. The first and second rounds of negotiations were held in May and July 2024, respectively. Its formal signing by the end of 2024 will be in time for the 50th anniversary of Philippine-UAE relations.
Roque said the UAE government is likewise eager to invest in infrastructure, railways, renewable energy, data centers, real estate and health projects in the Philippines.
She noted the Emirates is a vital partner in Philippine trade relations and a major factor in maximizing the potential of local businesses.
“Through this collaboration, we aim to tap into the UAE’s strategic position as a gateway to the broader Gulf region, [thus] creating a wealth of opportunities for Filipino businesses,” Roque said.
Accompanying Roque on her UAE visit were Philippine Ambassador to the UAE Alfonso Ver and a number of envoys.
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