On Monday, the UAE and the Philippines took a significant step toward strengthening their economic partnership, with officials from both nations meeting at the Ministry of Economy headquarters in Dubai to discuss strategies to enhance trade and investment relations.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, led the discussions, receiving a high-level delegation from the Philippines.
Great to discuss UAE-Philippines relations with @SecBenDiokno, Secretary of Finance; Ameenah Pangandaman, Secretary of Budget; and @ambalisacan, Secretary of the National Economic & Development Authority. Our $1.85bn in non-oil trade is a strong platform to build on. 🇦🇪🇵🇭 pic.twitter.com/NrAOSfsRGg
— د. ثاني الزيودي (@ThaniAlZeyoudi) September 11, 2023
The focus of the dialogue was to review and expedite the initiatives under the Comprehensive Economic Partnership Agreement (CEPA), which began in February 2022.
The CEPA aims to facilitate intra-trade movements, spur investment flows, and forge new avenues for business communities in both nations.
This meeting came in light of the burgeoning non-oil intra-trade relations that have shown promising growth in recent years.
The first half of 2023 witnessed non-oil intra-trade touching $506.1 million, marking a notable increase of 19.4% compared to the same timeframe in 2022.
To put this into perspective, the total intra-non-oil trade in 2022 amassed a substantial $1.85 billion, a massive leap from $830.3 million and $715.6 million recorded in 2021 and 2020, respectively.
During the meet, both parties explored potential collaborative projects in sectors of mutual interest including clean energy, artificial intelligence, transportation, logistics, and banking and finance.
A significant emphasis was placed on fostering collaboration through private sectors, leveraging the strengths of chambers of commerce and industry present in both countries, as well as the potential synergy of joint and local business councils.
Minister Al Zeyoudi highlighted the importance of sustained dialogue and cooperation, indicating that these talks serve as a robust platform for creating new opportunities and enhancing bilateral relations.
Both nations are keen on developing joint economic projects to foster a relationship that is mutually beneficial and forward-focused.