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Saturday, July 13, 2024

PH, Qatar set to finalize investment agreement this year

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The Philippines and Qatar are on the cusp of finalizing an investment promotion and protection agreement (IPPA), signaling a commitment to strengthen economic ties.

The Department of Trade and Industry (DTI) and the Qatar Ministry of Commerce and Industry (MOCI), in a meeting at the Qatar Economic Forum, pledged to complete the IPPA ratification process by year-end.

“The entry into force of the IPPA is expected to significantly deepen the economic ties between the Philippines and Qatar. We are confident that finalizing the ratification process will translate into productive investment figures contributing to our mutually shared prosperity,” said DTI Secretary Alfredo Pascual.

The Philippines finalized its domestic ratification procedures in April.

Both parties also agreed to pursue a memorandum of understanding (MOU) on intellectual property rights (IPR) protection to foster information sharing, training programs and high-level dialogues on IP policy.

The Philippines raised concerns about the prevalence of counterfeit Filipino brands in the Middle East, including Qatar. Enhanced IPR cooperation, as envisioned in the MOU, is seen as a solution to create a fairer and more secure business environment.

Both countries reaffirmed their commitment to fostering a business-friendly climate that encourages trade, investment and economic cooperation.

Discussions highlighted shared goals of economic diversification through investments in infrastructure, integrated circuit development and financial services.

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