MANILA – The Philippines and the United Arab Emirates (UAE) have reaffirmed their commitment to strengthen their economic ties.
The Department of Trade and Industry (DTI) said Tuesday that Secretary Alfredo Pascual and UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi met on the sidelines of the ASEAN Economic Community Council Meeting in Jakarta, Indonesia on Sept. 3.
“During the meeting, both sides acknowledged the need to further enhance Philippines-UAE bilateral trade, investments, and economic cooperation,” the DTI said in a statement.
The agenda during their meeting includes the Comprehensive Economic Partnership Agreement (CEPA) and the Investment Promotion and Protection Agreement (IPPA).
The IPPA was concluded by the Philippines and UAE during the country’s National Expo Day at Expo 2020 Dubai in February last year.
It is a modern, business-friendly and comprehensive agreement covering the promotion, facilitation and protection of investments between the Philippines and UAE.
On the other hand, the CEPA is a bilateral free trade agreement (FTA) that is still being negotiated by the two countries.
The CEPA is also seen as the country’s first FTA with a Middle Eastern country.
“Further, both trade ministers discussed exploring possible investments and cooperation in areas like renewable energy, research and development, and skills development,” it added. (PNA)