The Philippines and UAE will continue their free trade agreement (FTA) negotiations this October 2024, according to an official. INQUIRER FILE PHOTO
A high-ranking trade official said that further progress has been made during the negotiations for the free trade agreement (FTA) between the Philippines and United Arab Emirates (UAE) last week, with the continuation of the discussions scheduled for the fourth week of October.
Trade Undersecretary Allan Gepty, who is heading the negotiations for the Philippine side, told the Inquirer that some chapters of the Comprehensive Economic Partnership Agreement (CEPA) with the Middle Eastern country are almost substantially concluded after the latest round of talks held last week.
Article continues after this advertisement“I can say that we are still on track, and we hope to conclude the negotiations by the end of October or first week of November,” Gepty said in a Viber message on Friday last week.
FEATURED STORIES BUSINESS National ID gives more Filipinos ‘face value BUSINESS BIZ BUZZ: Unwinding Gogoro … quietly BUSINESS Polvoron maker seeks P500 million capital for expansion“We will continue the negotiation on the week of October 21 in Dubai, and hopefully by that time, we can resolve outstanding issues,” he added.
The Philippine official said that upcoming negotiations will likely last for three to four days, adding they are hopeful that they would be able to reach the conclusion during the impending round of talks.
Article continues after this advertisementREAD: Gov’t urged to retain sugar, petrochemicals tariffs under planned UAE FTA
Article continues after this advertisementNegotiators for the FTA from the Philippines and UAE had already convened thrice this year to discuss the terms of the deal.
Article continues after this advertisementThe first round of the CEPA negotiations, which lasted three days, was held back in May in Dubai.
The second one was held in Manila mid-July, while the third that was held virtually finished just last week.
Article continues after this advertisementIn previous interviews, Gepty said that the Philippines was targeting to expand its market access of export halal-related products in the Middle Eastern country under the CEPA.
He also said they were negotiating for better market access of other goods including tropical fruits and garments, as well as high-end, finished consumer goods like luxury watches, belts, and other leather products.
READ: Philippines attracts P2.65 billion halal investments
The CEPA, if it pushes through, will become the Philippines fourth bilateral FTA next to the Philippines-South Korea FTA in 2023, the Philippines-Japan Economic Partnership Agreement (PJEPA) in 2006, and the European Free Trade Association (EFTA) in 2016.
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According to the Philippine Statistic Authority (PSA), two-way trade between Manila and Abu Dhabi reached $1.88 billion in 2023eu9, with exports from the Southeast Asian nation totaling $341.97 million while imports from the Middle Eastern country were valued at $1.54 billion.
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