Economic officials from the UAE and the Philippines are advancing discussions to strengthen their relations and forge a crucial trade deal. During the UAE-Philippines Business Forum held in Manila, both sides explored investment opportunities and cooperation with the private sector. This article delves into the latest developments in their economic partnership and highlights the potential for growth and collaboration between the UAE and the Philippines.
Advancing Economic Relations
Exploring the latest developments in the economic relations between the UAE and the Philippines.
The UAE and the Philippines are making significant strides in strengthening their economic and bilateral partnership. The recent UAE-Philippines Business Forum held in Manila provided a platform for both countries to discuss investment opportunities and cooperation with the private sector.
The talks focused on advancing discussions for a Comprehensive and Economic Partnership Agreement, which is expected to further enhance trade between the two nations. With the aim of building on the $500 million non-oil trade posted in the first half of 2023, the UAE trade delegation is keen on exploring avenues for collaboration in key sectors.
The Growing Potential of the Philippines
Highlighting the Philippines' status as one of the fastest-growing economies and its attractiveness for foreign investment.
The Philippines is recognized as one of the fastest-growing economies globally, with a focus on developing major infrastructure projects worth approximately $155 billion. These projects span various sectors, including digital connectivity, health, power and energy, agriculture, water supply, and irrigation.
With a projected gross domestic product of about $640.2 billion by 2028, the Philippines is poised to become one of the leading economies in the Association of Southeast Asian Nations (ASEAN). Its strategic regional location, abundant natural resources, and skilled workforce make it an attractive destination for foreign investors.
Trade Relations Between the UAE and the Philippines
Examining the trade partnership between the UAE and the Philippines and its potential for growth.
In 2022, the UAE ranked as the 17th major trading partner for the Philippines. The countries have been working towards a key trade deal, aiming to further strengthen their economic ties. The UAE trade delegation, led by Minister of State Ahmed Al Sayegh and Minister of State for Foreign Trade Dr Thani Al Zeyoudi, seeks to expand on the existing $500 million non-oil trade between the two nations.
Both countries recognize the potential for growth and collaboration, with the Philippines being home to one of the largest communities of foreign residents in the UAE. The trade deal aims to facilitate investments and foster cooperation in various sectors, contributing to the long-term, sustainable growth of both nations.
The Philippines' Participation in Cop28
Highlighting the Philippines' involvement in the Cop28 climate change conference and its significance.
The Philippines is set to participate in the Cop28 climate change conference in Dubai, led by President Ferdinand Marcos Jr. This global event provides an opportunity for the Philippines to showcase its commitment to addressing climate change and contribute to international efforts in mitigating its impact.
Through its participation, the Philippines aims to highlight its initiatives, strategies, and achievements in combating climate change. The conference serves as a platform for knowledge sharing, collaboration, and collective action towards a sustainable future.