DTI seeks trade deal with UAE at GBF ASEAN
The Department of Trade and Industry (DTI) Secretary Ramon Lopez is looking to create stronger trade and investment deals with the United Arab Emirates (UAE) as he participates in the Global Business Forum (GBF) Association of Southeast Asian Nations (ASEAN) at Expo Dubai 2020.
The forum, hosted by the Dubai Chamber of Commerce and Industry, aims to increase the bilateral trade, business, and investment ties between the ASEAN and UAE countries.
Lopez said that the “complementarities in the resources” of each nation are opening “more opportunities for trade and investment.”
The presence of over 700,000 OFWs in the UAE is also “a big factor” in considering a trade agreement in the region.
White at the GBF ASEAN, Lopez met with the Minister of Foreign Trade Thani Ahmed Al Zeyoudi and Minister of State H.E. Ahmed bin Ali Al Sayegh to discuss a potential Joint Commission on economic and trade cooperation.
The trade secretary also held a meeting with major UAE investors in logistics and port operation, vaccine manufacturing, AI-enabled IT systems, cold storage panel systems, and halal certifying and advisory groups.
Lopez assured the investors that the Philippines “remains in a high growth trajectory” as it slowly reopens the economy. The newly implemented CREATE Act will also help ease the taxes of foreign investors in key sectors.
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