Philippines, Qatar to finalize ratification of investment promotion and protection deal

The governments of the Philippines and Qatar are set to finalize the ratification of the Investment Promotion and Protection Agreement (IPPA) this year, the Department of Trade and Industry (DTI) said Wednesday.

In a news release, the DTI said Trade Secretary Alfredo Pascual and Qatar Minister of Commerce Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani agreed on the timeline in a meeting on the sidelines of the Qatar Economic Forum.

The DTI said the Philippines completed its domestic ratification procedures in April.

“The entry into force of the IPPA is expected to significantly deepen the economic ties between the Philippines and Qatar. We are confident that finalizing the ratification process will translate into productive investment figures contributing to our mutually shared prosperity,” said Pascual.

“We are pleased with the progress made in this meeting, and we are positive that the finalization of the IPPA ratification process will soon pave the way for its full implementation,” he said.

Pascual added that the Philippines is eager to further strengthen its economic partnership with Qatar through enhanced investment flows, increased cooperation on intellectual property rights, and the establishment of the Joint Economic, Commercial, and Technical Committee.

“We believe that this collaboration will not only benefit our two countries but also contribute to greater prosperity and stability in both the Gulf and Southeast Asia regions,” he said.

Apart from the IPPA, the DTI and the Qatar Ministry of Commerce and Industry also agreed to pursue a memorandum of understanding (MOU) to strengthen cooperation on intellectual property rights (IPR) protection.

The MOU will facilitate the exchange of information and best practices, training programs, and high-level dialogues on IP policy. —VBL, GMA Integrated News