Abu dhabi: Dr. Thain bin Ahmed Al Zeyoudi, Minister of Foreign Trade, recently convened a meeting with the Philippines Business Council in the UAE to discuss the expansion of private sector relations between the two countries. This meeting is a follow-up to the bilateral Comprehensive Economic Partnership Agreement (CEPA) agreed upon last July, which aims to enhance trade cooperation and investment opportunities.
According to Emirates News Agency, the meeting focused on strategies to build and expand partnerships between the business communities and private sectors of both nations. Dr. Al Zeyoudi emphasized the growing economic partnership, noting the total volume of non-oil trade reached approximately US$940 million in 2024. The growth trend continued into 2025, with non-oil trade reaching US$257.7 million in the first quarter. The UAE stands as the Philippines' top export market among Arab and African countries and holds the 17th position globally, underscoring a strong foundation for further collaboration.
Dr. Al Zeyoudi stated, "The Philippines is a key trading partner for the UAE in the growing ASEAN region, and we are committed to fostering stronger ties at all levels." Discussions aimed to explore private sector opportunities, identify areas for greater collaboration, and address challenges faced by businesses from both countries operating in each other's markets.
The Philippines, one of the fastest-growing economies in the ASEAN bloc, grew by 5.6% in 2024, marking it as the second-fastest growing economy in the region. The ASEAN region, recognized as the world's fourth-largest economic bloc, boasts a combined GDP of US$4.13 trillion.
The meeting also addressed the significant Filipino diaspora in the UAE, primarily working in construction, healthcare, and hospitality sectors, aiming to explore how these communities can further contribute to mutual prosperity through the growing economic ties.
The Comprehensive Economic Partnership Agreement is expected to mitigate trade barriers, boost investment flows, and open new avenues for collaboration in key sectors, including agriculture, financial services, and electrical equipment. The UAE-Philippines CEPA is poised to enhance the UAE's global trade program, projected to increase the UAE's GDP by US$2.4 billion and boost exports to the Philippines to US$7.62 billion by 2032.