The Philippines aims to conclude bilateral trade agreements with key economic partners including the United Arab Emirates (UAE) to boost economic growth.
Department of Trade and Industry (DTI) Undersecretary for international trade group (ITG) Allan Gepty noted the Philippines’ effort to fast-track negotiations for a trade agreement by end of October or the first week of November as part of the commemoration of the 50th anniversary of diplomatic relations with the UAE.
“The diplomatic relations with the UAE are one of our deliverables. The conclusion of the negotiation is important for both of us; that’s why we are fast-tracking this, but of course, this is two-way,” Gepty said at the sidelines of the 50th Philippine Business Conference and Expo (PCB&E) organized by the Philippine Chamber of Commerce and Industry (PCCI).
He disclosed the UAE’s keen interest in investing in the Philippines.
Gepty said the Philippines is also nearing the completion of a joint economic study with Chile. The study, which analyzes the potential trade creation, trade diversion, welfare effects and GDP growth resulting from a free trade agreement, is expected to be finalized by November 2024.
He said the Philippines also completed its domestic ratification process for a free trade agreement with South Korea. The agreement is awaiting ratification by the South Korean Parliament and is expected to be implemented by 2025.
Meanwhile, the Philippines continues to collaborate with its partners in the Indo-Pacific Economic Framework (IPEF) on several projects such as housing.
