Ahead of the target to wrap up negotiations for the Philippines-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) before the end of the year, the Department of Trade and Industry (DTI) is conducting parallel moves that will enhance the country’s trade and investment relations with the UAE.
The DTI in a statement over the weekend member organizations of the Emirates Angel Investors Association (EAIA) expressed interest in growing potential small and medium enterprises in the Philippines.
The DTI said Secretary Cristina Roque was in Abu Dhabi last December 12 to meet the officials of EAIA to explore investment and trade opportunities.
EAIA facilitates investments in early-stage ventures in technology and innovation by providing seed funding.
The DTI said Roque invited the members of EAIA to organize a mission to the Philippines.
The DTI said Roque discussed with representatives of Trade Worldwide Information Network (TWIN) potential collaborations and solutions that can enhance the Philippines’ position as a global trade hub.
TWIN is a platform of comprehensive trade-related information globally and connects a network of suppliers.
In Dubai, tRoque attended the grand opening of Pinoy Mart’s newest branch on December 13.
Pinoy Mart, known for championing Filipino products abroad, continues to expand its presence in the UAE, bringing homegrown goods closer to overseas Filipinos.
The new branch features a wide array of Philippine-made items, including food products, handicrafts, and specialty items that showcase Filipino creativity and quality.
Roque said the opening of Pinoy Mart’s Dubai branch is seen as a significant boost for Philippine exports.
Allan Gepty, DTI undersecretary, said negotiations on the CEPA are ongoing.
Gepty also said the planned CEPA was given a much-needed boost on November 26 when President Ferdinand Marcos Jr. and UAE President Sheikh Mohamed bin Zayed Al Nahyan issued a joint statement where they “stressed the importance of concluding the agreement at the earliest opportunity.”
“The leaders acknowledged the significant progress made in the negotiations of the CEPA between the two countries, and highlighted its potential to unlock economic benefits for both nations and their people,” the joint statement said.
Bianca Sykimte, director of the Export Marketing Bureau, in a presentation to the Tariff Commission, said the Philippines offered to bring down to zero as early as 2025, tariffs on certain products based on certain criteria: products that are not locally produced or are locally produced but not in sufficient quantity; products whose tariffs will be eliminated in other existing free trade agreements and; the Philippine level of imports from the world.
Sykimte said the Philippines will request for market access for products that are currently exported to the UAE Including those already in high demand or those with potential for growth; largely imported by the UAE that the Philippines can potentially supply and; products are exported by the Philippines to the world.
The Philippines currently exports the following to the UAE: fresh or dried pineapples, bananas, preparations of sauces and prepared sauces, savory food snacks, food preparations, tobacco, prepared or preserved tunas, skipjack and Atlantic bonito.
For industrial goods, the Philippines exports ingots, storage units, personal deodorants and antiperspirants, spectacle lenses, parts of machineries and parts of electrical equipment, and men’s garments.
Sykimte said products that the Philippines can potentially supply to the UAE are coffee, cheese, carrots, tomatoes, and capsicum for agriculture and; polyethylene, other coal, petroleum bitumen, mixed xylene isomers, polycarbonates, toluene, and benzene for industrial goods.
She also identified cathodes, aluminum oxide, dyed fabrics and air conditioning machines as products that the UAE buys from other countries but can be supplied by the Philippines.
