UAE, Philippines discover commerce and funding alternatives

WAM

Representatives from the UAE and the Philippines have met to debate enhancing commerce between the 2 international locations and shared updates on the Comprehensive Economic Partnership Agreement in place between the 2 nations.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with representatives from the Philippines on the headquarters of the Ministry of Economy in Dubai.

The delegation included Benjamin Diokno, Secretary of Finance; Amenah Pangandaman, Secretary of Budget and Management; Arsenio Balisacan, Secretary of the National Economic and Development Authority; Francisco G. Dakila, Jr., Deputy Governor of the Central Bank of the Philippines; Rosalia V. de Leon, National Treasurer; and Alfonso Ferdinand A. Ver, Ambassador of the Philippines to the UAE, along with a number of officers.

Rosalia V. de Leon, Treasurer of the Republic of the Philippines: Philippines goals to change experiences with UAE in financial and monetary fields: National Treasurer#WamNews pic.twitter.com/zWAiWSc02D

— WAM English (@WAMNEWS_ENG) September 11, 2023

During the assembly, the 2 sides mentioned avenues of enhancing commerce and funding relations, highlighting the newest updates of the Comprehensive Economic Partnership Agreement (CEPA) between the 2 international locations, which started after the 2 sides introduced the start of talks throughout February 2022, with the goal of enhancing funding flows, facilitating intra-trade motion, and creating new alternatives for enterprise communities within the two international locations.

They additionally reviewed methods to develop joint financial initiatives throughout sectors, reminiscent of clear vitality, synthetic intelligence, transportation and logistics, in addition to monetary and banking providers.

The two sides targeted on the significance of joint work by way of the non-public sector by benefiting from the chambers of commerce and business within the two international locations, in addition to joint and native enterprise councils.

Non-oil intra-trade between the UAE and the Philippines continued to flourish within the first half of 2023, recording US$ 506.1 million, a rise of 19.4 % in comparison with the identical interval in 2022, whereas intra-non-oil commerce in 2022 totalled over US$ 1.850 billion, up from US$ 830.3 million and US$ 715.6 million in 2021 and 2020, respectively.