PHL close to concluding trade deals with EU, UAE – BusinessWorld Online
THE Department of Trade and Industry said on Monday that it is looking to finalize negotiations for free trade deals with the European Union (EU) and the United Arab Emirates (UAE), next year and next month, respectively.
At a Senate budget hearing on Monday, Trade Secretary Cristina A. Roque said the Philippines is not yet at the stage of discussing market access issues with the EU.
“We are still in the text-based negotiations. These are the rules and disciplines,” Trade Undersecretary Allan B. Gepty also told the Senators.
The Philippines-EU FTA is expected to be the country’s most comprehensive trade agreement, being the first such deal to tackle government procurement, digital trade, energy and raw materials, and trade and sustainable development.
Trade between the Philippines and the EU was $15.5 billion in 2024, making the bloc the Philippines’ fifth-largest trading partner, accounting for 7.7% of total trade.
Philippine exports to the EU hit $8.1 billion, while imports from the EU amounted to $7.5 billion.
Ms. Roque said that the DTI is looking to sign a free trade deal with the UAE by late November.
“The Comprehensive Economic Partnership Agreement (CEPA) will be signed by end of November, around Nov. 24,” Ms. Roque told the panel.
Among the top Philippine exports to the UAE are electrical equipment, food products, iron and steel, mineral fuels and machinery.
Mr. Gepty said products covered under the free trade deal include agricultural products, industrial products, machinery, and electronics.
The Philippines and the UAE began negotiating their CEPA in February 2022. Once signed it would be Manila’s first free trade agreement (FTA) with a Middle Eastern country.
The CEPA is expected to provide opportunities for Dubai companies to invest in the Philippines.
The UAE is the Philippines’ 18th biggest trading partner and top export market in the Gulf Cooperation Council. — Adrian H. Halili
