THE PHILIPPINES and the United Arab Emirates (UAE) are due to sign a Comprehensive Economic Partnership Agreement (CEPA) in January, the Department of Trade and Industry (DTI) said.
Trade Secretary Ma. Cristina A. Roque told reporters that a Philippine delegation, led by President Ferdinand R. Marcos, Jr., will travel to the UAE in mid-January to sign the CEPA, which would be the Philippines’ first free-trade agreement (FTA) with a Middle Eastern country.
She added that the delegation will also arrange meetings with UAE companies to attract investments, particularly in manufacturing.
“Usually, when we go there, we always try to do other activities. We really want (to attract) manufacturing,” Ms. Roque said.
The UAE is the Philippines’ 18th largest trading partner and its top export market within the Gulf Cooperation Council. The Philippines’ major exports to the UAE include electrical equipment, food products, iron and steel, mineral fuels, and machinery.
The CEPA, for which negotiations started in 2022, is expected to expand market access and encourage more UAE companies to invest in the Philippines.
Aside from the UAE, the Philippines is also looking to conclude free trade agreements (FTAs) with Chile and the European Union (EU) next year.
“I worked on the EU FTA when I spoke to the EU trade minister in Davos in January. We had a good conversation, so we can really proceed,” Ms. Roque said.
Ms. Roque added that the President supports the government’s push to pursue more FTAs to lower tariffs on Philippine goods and improve global competitiveness. — Vonn Andrei E. Villamiel