The Philippines and the United Arab Emirates (UAE) have completed negotiations for a free trade agreement (FTA) and are awaiting its formal signature, a Philippine trade official said on Tuesday, as the Southeast Asian nation seeks to diversify its trade ties in the face of growing US protectionism.
Under Secretary of Trade Alan B. “It has already been finalized, so we are just waiting for the signing event,” Gepti told lawmakers based on a video of a House of Representatives committee hearing held Tuesday and released Thursday.
The UAE is the Philippines' 18th largest trading partner and 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.
The two countries began negotiations for their Comprehensive Economic Partnership Agreement (CEPA) in February 2022, and once signed, it will be the Philippines' FTA in the Middle East.
CEPA is expected to provide opportunities for Dubai companies to invest in the Philippines.
Also on Tuesday, Trade Secretary Hon. Christina A. Roque said officials are working to seal a similar trade agreement with Chile within the year. “South America is a huge market,” he told lawmakers.
“Our President held a bilateral meeting with the President [Gabriel] Boric, and they have agreed to end this CEPA this year,” Mr. Gepti said.
The Philippines began trade talks with the Andean nation in 2015, but a “reassessment of trade priorities” under the Duterte administration diverted attention from the talks, according to a Trade Department presentation before lawmakers. , Kenneth Christian L. basilio
