WHAT DINA THINKS: UAE-Philippines Economic Partnership

Hello expats! Especially FILIPINO expats in the UAE. I have some great news for you!

In a significant stride toward economic synergy, a high-profile UAE delegation, spearheaded by Ministers Ahmed Ali Al Sayegh and Dr. Thani bin Ahmed Al Zeyoudi, recently descended upon Manila. The aim? To fortify and expand the already flourishing bilateral trade ties between the UAE and the Philippines.

The numbers speak volumes, with trade reaching an impressive $500 million in the first half of 2023, signaling a robust 19.4% surge compared to the previous year. This isn’t just a diplomatic visit; it’s a testament to the commitment both nations share towards fostering a strong economic alliance.The headline-grabber from this diplomatic foray is the discussion surrounding the Comprehensive Economic Partnership Agreement (CEPA). The prospect of a CEPA could inject renewed vigor into an already dynamic economic relationship. It’s not just about the numbers; it’s about laying the groundwork for sustained growth and cooperation.The emphasis on the energy sector during talks with Alessandro O. Sales, Under-Secretary for the Department of Energy, is noteworthy. In aligning efforts with the upcoming UN Climate Conference (COP28) in Dubai, the UAE and the Philippines are showcasing a joint commitment to sustainable development. It’s more than just business; it’s a strategic alignment towards a greener, more responsible future.The Investment Protection and Promotion Agreement (BIPA) signed in June 2023 is another feather in the cap. It underscores a shared commitment to creating a conducive environment for investments, providing a safety net for businesses from both nations.

The UAE-Philippines Business Forum served as a nexus for leading companies and investors from both countries. Clean energy, tourism, financial services, transportation, and logistics took center stage as sectors ripe for collaboration. This isn’t just about economic exchanges; it’s about building bridges of opportunity, about creating pathways for joint projects and concrete actions, as Minister Al Sayegh rightly points out.From a UAE perspective, it’s not merely about bolstering economic ties; it’s about extending an invitation. Minister Al Zeyoudi aptly showcased the UAE’s business advantages - strategic location, world-class infrastructure, and a pro-growth regulatory environment. It’s an invitation for Filipino businesses and investors to explore the promising landscape of the UAE.I think that this growing partnership between the UAE and the Philippines stands out as a beacon of collaborative growth. It’s not just about the present $500 million; it’s about sowing the seeds for a future marked by shared prosperity and mutual success. The UAE-Philippines economic partnership isn’t just a transaction; it’s a narrative of two nations scripting a story of collective economic triumph.So, expats, what do you think?

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