UAE, Philippines explore trade and investment opportunities

WAM

Representatives from the UAE and the Philippines have met to discuss enhancing trade between the two countries and shared updates on the Comprehensive Economic Partnership Agreement in place between the two nations.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with representatives from the Philippines at the headquarters of the Ministry of Economy in Dubai.

The delegation included Benjamin Diokno, Secretary of Finance; Amenah Pangandaman, Secretary of Budget and Management; Arsenio Balisacan, Secretary of the National Economic and Development Authority; Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines; Rosalia V. de Leon, National Treasurer; and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE, in addition to several officials.

Rosalia V. de Leon, Treasurer of the Republic of the Philippines: Philippines aims to exchange experiences with UAE in economic and financial fields: National Treasurer#WamNews pic.twitter.com/zWAiWSc02D

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During the meeting, the two sides discussed avenues of enhancing trade and investment relations, highlighting the latest updates of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which began after the two sides announced the beginning of talks during February 2022, with the aim of enhancing investment flows, facilitating intra-trade movement, and creating new opportunities for business communities in the two countries.

They also reviewed ways to develop joint economic projects across sectors, such as clean energy, artificial intelligence, transportation and logistics, as well as financial and banking services.

The two sides focused on the importance of joint work through the private sector by benefiting from the chambers of commerce and industry in the two countries, as well as joint and local business councils.

Non-oil intra-trade between the UAE and the Philippines continued to flourish in the first half of 2023, recording US$ 506.1 million, an increase of 19.4 percent compared to the same period in 2022, while intra-non-oil trade in 2022 totalled over US$ 1.850 billion, up from US$ 830.3 million and US$ 715.6 million in 2021 and 2020, respectively.