UAE And Philippines Enhance Bilateral Trade And Investment Relations Through New Agreement

The UAE's Minister of Foreign Trade, Dr. Thain bin Ahmed Al Zeyoudi, recently met with the Philippines Business Council in the UAE. The meeting aimed to strengthen private sector ties between the two countries. This follows the Comprehensive Economic Partnership Agreement (CEPA) signed last July, which seeks to enhance trade and investment opportunities.

During the discussions, Dr. Al Zeyoudi emphasised the growing economic relationship between the UAE and the Philippines. He noted that non-oil trade reached approximately US$940 million in 2024. In 2025, this growth continued with US$257.7 million recorded in Q1 alone. The UAE is a major export market for the Philippines among Arab and African nations and ranks as its 17th largest globally.

"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," stated HE Dr. Al Zeyoudi. He added that their discussions aimed to explore private sector opportunities and address challenges faced by businesses from both countries operating in each other's markets.

The Philippines stands out as one of ASEAN's fastest-growing economies, achieving a 5.6% growth rate in 2024. It ranks as the second-fastest growing economy within ASEAN, which is recognised as the world's fourth-largest economic bloc with a combined GDP of US$4.13 trillion.

The CEPA agreement is expected to reduce trade barriers and boost investment flows between the two nations. It will open new avenues for collaboration in sectors such as agriculture, financial services, and electrical equipment. This agreement is a significant addition to the UAE’s global trade program.

With a large Filipino community residing in the UAE, primarily working in construction, healthcare, and hospitality sectors, there is potential for these communities to further contribute to mutual prosperity through enhanced economic ties.

Future Projections

The CEPA is 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. These projections highlight the potential for significant economic benefits stemming from this partnership.

This meeting underscored both nations' commitment to expanding their economic collaboration further, building on an already strong foundation of trade relations.

With inputs from WAM