PHILIPPINE officials will fly to the emirates in the next few days to start talks for a Comprehensive Economic Partnership Agreement (CEPA) with their Emirati counterparts.
Philippines’ Department of Trade (DTI) Undersecretary Allan Gepty (Hep-ti) revealed that the first round of negotiations for the CEPA will take place in Dubai from May 6 to 8.
Gepty, who served as the former Assistant Secretary of International Trade at DTI, was the one who announced the signing of the CEPA between the UAE and the Philippines in March 2022.
” A comprehensive trade agreement with the UAE is seen to benefit the Philippines with greater market access for goods and services, enhance investment flows, and ensure more opportunities for economic and technical cooperation,” DTI Usec. Allan B. Gepty said.
Both countries aim to complete negotiations on the free trade agreement (FTA) before the end of 2024, in time for the 50th anniversary of diplomatic ties between the Philippines and the UAE.
The UAE is the Philippines’ 17th largest trading partner and its top export market in the Gulf region. Two-way trade between the UAE and the Philippines reached $1.9 billion in 2023.
The CEPA is the Philippines’ first free trade agreement in the Middle East which the DTI considers a milestone for the country.
