Philippines eyeing free trade deal with UAE —DTI

The Philippines is aiming to forge a comprehensive partnership agreement with the United Arab Emirates, banking on its trade relations with the Middle Eastern country, the Department of Trade and Industry said Friday.

“The proposed comprehensive economic partnership agreement with the UAE is envisioned to cover the usual elements of an FTA (free trade agreement) and other areas of emerging interests,” the DTI said in a statement.

Philippines' interests include fresh and processed fruit, seafood, food products, beverages, electronics, appliances, machinery, personal care goods, iron and steel, wood, cement, chemicals, automotive and automotive parts, ships and aircraft, textile and garments, footwear, and leather, according to the Trade department.

Also, the DTI noted a potential FTA with UAE “may serve to provide for greater market access for goods and services, enhance investment flows, and ensure more opportunities for economic and technical cooperation.”

“The Philippines recognizes UAE as a valuable trade partner, given that UAE ranked 23rd among the Philippines’ overall trading partners in 2020 and is its 21st largest export market and 26th largest import supplier,” the agency said.

UAE is the Philippines’ largest export market in the Gulf Cooperation Council, with exports to UAE comprising 58.26% of total Philippine exports to the region.

In terms of investments, UAE ranked 17th among the Philippines’ investment partners in 2019, with around 87% of investments going into manufacturing. —LBG, GMA News