Philippines, United Arab Emirates resume talks on free trade on July 8
Manila and Abu Dhabi are set to start on Monday the next round of negotiations for the planned free trade agreement (FTA) between the Philippines and the United Arab Emirates (UAE), continuing the discussions of a pact that will expand the almost $2 billion worth of trade annually between the two parties.
According to the Philippine Exporters Confederation Inc. (Philexport), Trade Undersecretary Allan Gepty shared this information related to the Comprehensive Economic Partnership Agreement (Cepa) with stakeholders during a consultation late last month.
In a statement, Philexport quoted Gepty as saying that the agreement with the UAE is to conclude the negotiations within the year.
“We’re looking at October or November of this year,” Gepty said.
Further, the trade executive told Philexport that both parties are looking at four full rounds of face-to-face negotiations, complemented with possible virtual meetings in order to push through with the planned FTA.
To recall, the first round which lasted three days was held back in May in Dubai.
Back in December, Gepty said that the Philippines was targeting to expand its market access of export halal-related products in the Islamic country under the Cepa.
The Philippines is also hoping for better market access in other goods such as tropical fruits and garments as well as high-end, finished consumer goods like luxury watches, belts and other leather products.
Also last May, Gepty told the Inquirer that an FTA with the UAE will open up trade opportunities in a market with an estimated population of 10.06 million, and access to the second-largest Filipino population in the Middle East.
Data from the Department of Trade and Industry show that the UAE is the Philippines’ 18th-biggest trading partner and the top export market in the block of countries called Gulf Cooperation Council (GCC).
In 2023, two-way trade between the Philippines and the UAE reached $1.88 billion. Exports and imports totaled at $341.97 million and $1.54 billion, respectively.
If both sides are successful in completing the trade pact, it will be the first FTA of the Philippines with a GCC member state and in the entire Middle East region.
It will also be the country’s fourth bilateral FTA, adding to the Philippines-South Korea FTA in 2023, the Philippines-Japan Economic Partnership Agreement in 2006 and the European Free Trade Association in 2016.
