PH, UAE trade deal to be concluded in 2023
The Department of Trade and Industry (DTI) is planning to close its Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) next year to stabilize trade relations between both countries.
During a virtual press interview, DTI Assistant Secretary Allan Gepty said explained that the CEPA is the Philippines’ free trade agreement (FTA) with the Middle Eastern nation.
Gepty stated that “this will be the platform by which we can reach out to the vast market of the Middle East, including the GCC (Gulf Cooperation Council).”
He added that CEPA will also act as the country’s “gateway to North Africa.”
Moren Filipino brands could be popularized across UAE and a steady import of petroleum is expected once the trade deal is finalized.
The DTI official disclosed that the two countries are now working on the terms of reference and are negotiating the elements included in the deal.
Just last month, both the Philippines and UAE expressed their eagerness to pursue CEPA and finalize both countries’ trade connections.
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