The United Arab Emirates and the Republic of the Philippines have signed a Comprehensive Economic Partnership Agreement (CEPA), formalizing a new chapter in their economic relations.
The agreement, signed during an official ceremony witnessed by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Philippines President His Excellency Ferdinand R Marcos Jr, is set to provide a transformative step in bilateral relations and help fuel a new era of economic opportunity.
His Highness Sheikh Mohamed bin Zayed said the relationship between the UAE and the Philippines continues to flourish, underpinned by a shared vision to broaden cooperation in ways that serve the mutual interests of both countries.
The CEPA was signed by His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and Her Excellency Cristina Aldeguer-Roque, Philippines Secretary of Trade and Industry, on the sidelines of Abu Dhabi Sustainability Week.
The agreement will reduce tariffs and unnecessary barriers to trade, boost bilateral investment flows, and create opportunities in vital sectors such as electrical equipment, financial services, agriculture, and precious metals.
The deal will also help to boost private-sector collaboration, build more resilient supply chains, facilitate greater people-to-people knowledge transfer, and empower SMEs to expand their global operations.
The UAE is the Philippines’ top export market among Arab and African countries, as well as its 17th largest trade partner globally. Overall, the CEPA is forecast to increase the UAE’s GDP by $2.4 billion by 2032.
With 32 agreements concluded, and 14 having entered into force, the CEPA programme reflects the UAE’s commitment to open, rules-based trade to drive economic growth and diversification, and expand opportunities for UAE businesses with high-growth markets around the world.
