THE Comprehensive Economic Partnership Agreement (CEPA) between the Philippines and the United Arab Emirates (UAE) is expected to be signed next month, the UAE’s envoy here said.
UAE Ambassador to Manila Mohamed Obaid Salem Al Qatam Alzaabi and Philippine Special Envoy to the UAE for Trade and Investments Ma. Anna Kathryna Yu Pimentel confirmed Wednesday, May 21, that the CEPA will be signed within the first half of the year.
“It’s currently undergoing legal scrubbing,” Pimentel told reporters in a chance interview at the UAE Embassy in Makati City.
Alzaabi emphasized that the Philippines’ CEPA with UAE will be a historic one for the former, as this will be the first free trade agreement (FTA) of Manila with a Middle Eastern country.
CEPA covers areas of goods and services, investments, small and medium enterprises, digitalization, customs, governance, and sustainability, among others.
Manila and Abu Dhabi jointly announced the FTA negotiations in February 2022.
Meanwhile, the UAE envoy said Emirati firms have growing interest in the Philippine market even before the signing of CEPA.
He said 17 companies from Dubai would be visiting the Philippines next week to hold a business forum and explore partnership with local companies.
These companies are in the sectors of hospitality, energy, SMEs, among others. (PNA)
