THE Philippines and the United Arab Emirates (UAE) are on track to seal their Comprehensive Economic Partnership Agreement (CEPA) this year, according to Allan Gepty, undersecretary of the Department of Trade and Industry (DTI).
The parties on July 10 concluded the second round of CEPA negotiations in Manila and are set to hold the third round by next month.
“We made significant progress and based on the timeline we have agreed, we are still on track,” Gepty said in a text message.
Gepty said this CEPA will be a milestone as this is the Philippines’ first free trade agreement (FTA) with a Middle East country.
“We are really working hard to conclude the negotiations this year in time for the 50th year anniversary of our diplomatic relations with UAE,” Gepty said.
Gepty said inter-sessional meetings are being eyed to resolve as many outstanding issues as possible so that the parties can focus on the remaining issues and refinements of the text by the fourth round of negotiations.
Gepty noted the importance of this agreement as Philippine stakeholders have an increasing presence in the UAE. These are professionals, service suppliers and investors.
“With the CEPA, we can encourage more economic engagements with UAE.
Gepty said the recent appointment of special envoy to UAE Ma. Anna Kathryna Yu-Pimentel is another positive signal to the Philippines’ desire to foster strong economic ties with the UAE.
As in other FTA negotiations, topics of negotiations include trade in goods, rules of origin, customs and trade facilitate, technical barriers to trade, sanitary and pytho-sanitary measures, investments among others.
