PHL finalizes trade pact with UAE, awaits signing – BusinessWorld Online
The Philippines and the United Arab Emirates (UAE) have concluded negotiations for a free trade agreement (FTA) and are awaiting its formal signing, a Philippine trade official said on Tuesday, as the Southeast Asian nation looks to diversify its trade ties in the face of rising US protectionism.
“It’s already been finalized, so we’re just waiting for the signing schedule,” Trade Undersecretary Allan B. Gepty told lawmakers, based on a video of a House of Representatives committee hearing held on Tuesday and released on Thursday.
The UAE is the Philippines’ 18th biggest trading partner and is its top export market in the Gulf Cooperation Council. Manila’s top exports to Abu Dhabi include electrical equipment, food products, iron and steel, mineral fuels and machinery.
Both nations began talks for their Comprehensive Economic Partnership Agreement (CEPA) in February 2022, and once signed, would be the Philippines’ FTA in the Middle East.
The CEPA is expected to provide opportunities for Dubai companies to invest in the Philippines.
Also on Tuesday, Trade Secretary Ma. Cristina A. Roque said officials are working to seal a similar trade agreement with Chile within the year. “South America is a huge market,” she told lawmakers.
“Our president had a bilateral meeting with President [Gabriel] Boric, and they have agreed to conclude this CEPA this year,” said Mr. Gepty.
The Philippines began trade talks with the Andean nation in 2015, but a “recalibration of trade priorities” under the Duterte administration diverted attention away from negotiations, according to a Trade department presentation to lawmakers. — Kenneth Christiane L. Basilio