PH, UAE to ink free trade deal — embassy

The United Arab Emirates said Tuesday it is set to sign a free trade deal with the Philippines that would expand economic cooperation, boost investment flows and open collaboration in key areas, such as labor, agriculture and financial services.

UAE officials in Manila called the soon-to-be signed Comprehensive Economic Partnership Agreement (CEPA), which seeks to remove trade barriers and create more opportunities for professionals and service providers, an important milestone in its relations with the Philippines as it coincides with the 51st anniversary of their diplomatic relations.

"Over the past three years, both nations have signed approximately 22 agreements focusing on culture, energy transition, legal cooperation, government modernization, and security. The signing CEPA, expected in the coming week, will further boost trade and investment," UAE ambassador Mohamed Alqataam Alzaabi said in a statement.

The UAE is the Philippines' top export market among Arab and African countries and its 17th largest globally.

It is expected to increase the UAE's gross domestic product (GDP) by $2.4 billion and increase exports to the Philippines to $7.62 billion by 2032.

Alzaabi said bilateral ties between UAE and the Philippines have strengthened across trade, development, culture, and people-to-people exchanges in recent years.

UAE Ambassador Mohamed Alqataam Alzaabi. Photo by: UAE Embassy in Manila

Top Philippine exports to UAE are electrical equipment, food products, iron and steel, mineral fuels and machinery.

"Today, the United Arab Emirates and the Republic of the Philippines proudly mark the 51st anniversary of diplomatic relations, celebrating over five decades of friendship, cooperation, and shared progress," the envoy said, citing the meeting in November 2024 of President Ferdinand "Bongbong" Marcos Jr. with UAE President Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and ruler of Dubai.

"As the UAE and the Philipines celebrate 51 years of enduring friendship, both countries reaffirm their commitment to advancing cooperation, fostering innovation, and promoting shared prosperity for generations to come," the envoy said.

The UAE has committed $20 million to rehabilitate Pasig River and signed a $15-billion agreement with Manila to develop renewable energy projects, envisioned to deliver up to 10 gigawatts of clean power by 2030.

UAE is also home to more than one million Filipinos, whose contributions, Alzaabi said, "enrich every sector of society." 

The UAE, he added, "remains committed to safeguarding their welfare and strengthening the bonds between the two nations." — VDV, GMA Integrated News