Skip to content Skip to Search
Skip navigation

UAE and Philippines kick off Cepa talks to expand trade

Non-oil trade between the UAE and the Philippines increased to $500m in the first half of 2023, up 19.4% Wam
Non-oil trade between the UAE and the Philippines increased to $500m in the first half of 2023, up 19.4%

The UAE and the Philippines have started preliminary talks to establish a comprehensive economic partnership agreement (Cepa) to strengthen existing bilateral and economic ties. 

“The Philippines is a key strategic partner for the UAE and a high-growth economy in the heart of a rapidly growing region,” UAE minister of state for foreign trade Thani bin Ahmed Al Zeyoudi said.

Beyond lower tariffs and reduced barriers to trade, the UAE-Philippines Cepa is expected to drive capital flows by opening avenues for new investments and joint ventures.

Non-oil trade between the two countries increased to $500 million in the first half of 2023, up 19.4 percent year on year, the UAE state-run Wam news agency reported. 

Total bilateral non-oil trade reached $1.9 billion in 2022, marking a twofold increase over the last two years.

The UAE is the Philippines’ second largest trade partner in the Middle East and Africa, accounting for 30 percent of the Philippines’ total trade with the region.

The Philippines’ foreign direct investment (FDI) in the UAE reached $31.1 million in 2020, while the total UAE direct investment into the Philippines reached $11 million in 2021. 

The UAE last month was aiming to achieve a fivefold increase in trade and investments with the Philippines within three to five years once the Cepa enters into force, Al Zeyoudi told the Philippine News Agency.

Latest articles

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]