The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) lauded President Ferdinand Marcos Jr. and United Arab Emirates Special Envoy Ma. Anna Kathryna Yu-Pimentel for finalizing the Philippines-UAE Comprehensive Economic Partnership Agreement (CEPA).
FFCCCII president Victor Lim described the agreement as a historic milestone, noting it serves as the first Philippine free trade agreement in the Middle East.
The business group said the deal transforms years of strategic engagement into a formal bilateral trade relationship that strengthens ties between the two nations.
By championing partnerships across trade, investment, digitalization and sustainability, the CEPA unlocks unprecedented opportunity, the group said in a statement.
The FFCCCII urged the government and private sectors to use the agreement as a springboard to expand exports to the wider Middle East. The group said the country should move beyond its traditional focus on manpower exports to include a broader range of goods and services.
Lim called the work of Special Envoy Pimentel exemplary and said the achievement represents the kind of forward-looking diplomacy that fuels sustainable economic development and creates prosperity for the Filipino people.
