Department of Trade and Industry (DTI) Secretary Fred Pascual has officially signed the Terms of Reference (TOR) for the Negotiations of a Comprehensive Economic Partnership Agreement (CEPA) with H.E. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade. This milestone occurred as part of the DTI’s activities during the Conference of the Parties (COP)28.
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The TOR for the Negotiations of the CEPA marks the initial step towards a proposed bilateral free trade agreement between the Philippines and the UAE. Offering comprehensive guidelines, the TOR outlines the conduct of negotiations and defines the scope and coverage of the proposed CEPA.
The overarching goal of the CEPA is to facilitate an increased flow of goods and services exports to the UAE and the broader Gulf region. Additionally, it aims to attract more investments from the UAE and create expanded opportunities for professionals and service providers within the UAE.
The CEPA aligns with the Philippines’ trade strategy to enter new markets, a key objective outlined in the Philippine Development Plan (PDP) 2023-2028 and the Philippine Export Development Plan (PEDP) 2023-2028.
Currently, the UAE stands as the Philippines’ 17th largest trading partner, holding the top spot among all Gulf Cooperation Council member states in terms of export markets. Notably, the UAE is also home to one of the largest populations of overseas Filipinos in the Middle East, as well as several well-known and home-grown Filipino brands and businesses.
