PH, UAE to ink free trade deal - embassy

August 20 ------ The United Arab Emirates said 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.

Source: gmanetwork.com