The Philippines and the United Arab Emirates (UAE) are eyeing a possible comprehensive economic partnership agreement (CEPA), the Department of Trade and Industry (DTI) said.
DTI Secretary Ramon Lopez and UAE Minister of State Ahmed bin Ali Al Sayegh and Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi agreed to start scoping discussions on a possible CEPA in a meeting on December 8 at the sidelines of the Global Business Forum Asean during the Expo 2020 Dubai
“Both governments recognize the large potential to expand bilateral trade and investment relations and are working towards the finalization of key agreements that will pave the way for the start of the broader CEPA negotiations,” Lopez shared.
Lopez said CEPA will build on the shared objectives of the Philippines and UAE being pursued under the proposed memorandum of understanding (MOU) on Economic and Technical Cooperation and the Investment Promotion and Protection Agreement (IPPA) which are both underway.
He added the MOU on Economic and Technical Cooperation provides for the establishment of a Joint Economic Commission which will facilitate the implementation of cooperation initiatives on trade and investment particularly in the areas of agribusiness, manufacturing, renewable energy, real estate development, logistics, transportation, communication, tourism, technology, and innovation.
“The Philippines-UAE IPPA is expected to further deepen economic relations between the two countries by creating favorable conditions for investments and stimulating business initiatives while ensuring that the interests and sensitivities of both Parties are protected.”
The IPPA aims to promote and facilitate UAE investments to the Philippines in key sectors of interest such as agribusiness, energy efficiency technologies and renewable energy, infrastructure, information technology-business process management, oil and gas, and tourism. Irma Isip
