Another stride in the improvement of its bilateral trade relationship is being taken by the Philippine Embassy in the UAE with the welcome it recently extended to Special Envoy Ma. Anna Kathryna Yu-Pimentel. CEPA is constantly urging to pursue negotiations that will help bring about the country’s first trade deal with a member of the Gulf Cooperation Council.
Historic Trade Agreement in Progress
The CEPA negotiations are a new landmark for Philippine-UAE relations since the agreement was officially proposed in December 2021. As both countries signed a joint statement of intent in February 2022, they have taken major strides by having covered two negotiation rounds that took place in May and July this year. The mutual approach set between both countries is to strengthen mutual economic cooperation and trade benefits, facilitate investments, and speed up financial flows.
This particular trade mission is peculiar because it falls in line with the 50th anniversary of Philippine-UAE bilateral relations. The effort being put into this is to have a deal concluded by the end of 2024, which reflects to a great extent the desire of both countries to deepen their economic relationship and create new opportunities for businesses and investors on both sides.
Keep Reading
Investment Opportunities and Delegation Activities
This trade mission was characterized by strategic importance in that it focuses on some investment sectors of strategic interest. Special Envoy Yu-Pimentel and Secretary Roque discussed potential collaborations for partnership arrangements. The delegation drew attention to areas seen as greatly fast-growth sectors of the Philippines, including halal food production, Islamic banking, renewable energy projects, and advanced IT services. All this goes very well with the policy target of economic diversification, promising strong synergy toward mutually beneficial outcomes. It reiterates the competitive advantage of tourism development while opening doorways to those UAE investors who are keen on joining that booming hospitality sector.
