Department of Trade and Industry (DTI) Secretary Alfredo Pascual is set to join President Ferdinand R. Marcos Jr. in attending the First ASEAN-Gulf Cooperation Council (GCC) Summit in Riyadh, Saudi Arabia on October 20 to bolster trade relations with countries in the Middle East.
According to a report from the Philippine News Agency (PNA), the DTI chief announced this during the launch of DTI halal initiatives in Parañaque City.
“We will deepen engagement with the business community of the Kingdom of Saudi Arabia (KSA),” Secretary Pascual said.
He also mentioned that they will be meeting with various businesses based in KSA to promote projects in the Philippines and discuss investment opportunities in the country.
Aside from KSA, the Philippines is eyeing the conclusion of formal free trade agreement (FTA) negotiations with the United Arab Emirates called, Comprehensive Economic Partnership Agreement (CEPA), which will be the country’s first FTA in the Middle East.
Moreover, the DTI is also eyeing the Middle East for its halal industry development as a market and partner for its initiatives.
During a press conference, Secretary Pascual said that they are working to establish the “rules of the game” for halal trade between the Philippines and the UAE in preparation for the upcoming COP28.
He stressed that the government will play a role in setting the stage for halal trade, but the private sector will further drive the businesses.
“At the governmental level, we hope to be able to establish the rules of the game. Ultimately, the drivers of business will be the private sector which will be engaged in the production and selling of the products,” Secretary Pascual said.
