UAE-Philippines bilateral non-oil trade up 19.4% Y-o-Y in H1 2023 to reach $500mln

UAE-Philippines bilateral non-oil trade up 19.4% Y-o-Y in H1 2023 to reach $500mln

UAE - Ahmed bin Ali Al Sayegh, UAE Minister of State, and Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, have led a high-level UAE delegation to Manila, Philippines, to explore bilateral trade and investment opportunities and facilitate private-sector collaboration in sectors of mutual interest.

The visit comes against the backdrop of growing economic ties between the UAE and the Philippines, which in the first half of 2023 saw bilateral non-oil trade increase by 19.4 per cent to reach $500 million, compared to the same period in 2022. It also follows the announcement to launch discussions towards a Comprehensive Economic Partnership Agreement (CEPA), which will add significant impetus to bilateral trade and investment flows.

During the talks, they restated the commitment of both sides to deepen strategic trade and investment relations in the energy sector, while also outlining efforts to support the objectives of the upcoming United Nations Climate Conference (COP28), being held in Dubai next week. With Undersecretary Zeno Abenoja of the Department of Finance, talks centred on development toward the implementation of an Investments Protection and Promotion Agreement (BIPA), signed between the two nations in June 2023.

The ministers also attended the UAE-Philippines