The UAE and Philippines are looking to boost trade ties and economic relations between the two countries.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, on Monday received a high-level delegation from the Philippines at the headquarters of the Ministry of Economy in Dubai.
The talks come as non-oil intra-trade between the UAE and the Philippines continued to flourish in the first half of 2023, recording $506.1m, an increase of 19.4 per cent compared to the same period in 2022.
UAE and Philippines trade
Intra-non-oil trade in 2022 totalled more than $1.85bn, up from $830.3m and $715.6m in 2021 and 2020, respectively.
During the meeting, the two sides discussed avenues of enhancing trade and investment relations, highlighting the latest updates of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.
CEPA talks began in February 2022, with the aim of enhancing investment flows, facilitating intra-trade movement, and creating new opportunities for business communities in the two countries.
They also reviewed developments related to boosting bilateral relation and ways to develop joint economic projects across sectors of mutual interest, such as:
- Clean energy
- Artificial intelligence
- Transportation
- Logistics
- Banking and finance
The two sides focused on the importance of joint work through the private sector by benefiting from the chambers of commerce and industry in the two countries, as well as joint and local business councils.
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