UAE and the Philippines enhance their bilateral economic relations

UAE and the Philippines enhance their bilateral economic relations

Mariecar Jara-Puyod, The UAE and the Philippines have further enhanced their bilateral economic relations with the UAE Minister of State for Financial Affairs Mohamed Hadi Al Hussaini and the Philippines’ Trade and Industry Secretary Ramon Lopez Jr. signing the historic Investment Promotion and Protection Agreement (IPPA) on Thursday in Dubai. The signing of the agreement which, alongside the Comprehensive Economic Partnership Agreement (CEPA) earlier sealed on the sidelines of the Feb. 12 Philippine National Day Celebrations from the six-month Expo2020 Dubai, is for the realisation of improving well-protected foreign direct investments (FDIs) and partnerships as well as the widening of access to markets, beneficial to both governments and their people. The CEPA was initially discussed during the Dec. 8 “ASEAN (Association of Southeast Asian Nations) Global Business Forum” organised by the Dubai Chamber of Commerce and Industry, part of the Expo2020 Dubai activities. From the Thursday signing, Al Hussaini and Lopez emphasised that the IPPA is a “landmark agreement” set to boost bilateral investments and bolster economic cooperation between the two countries. It is a result of the successful collaboration between the Philippines’ Department of Foreign Affairs and Department of Trade and Industry (DTI), including the coordination between the Philippine