Free trade agreement will reduce tariffs and enhance market access for goods and services
The Philippines and the United Arab Emirates (UAE) have signed a free trade agreement set to provide a boost to Philippine fresh produce exports.
Philippine President Ferdinand R Marcos Jr and UAE President Sheikh Mohamed bin Zayed Al Nahyan witnessed the signing and exchange of the Comprehensive Economic Partnership Agreement (CEPA) on 14 January in Abu Dhabi.
The CEPA is the Philippines’ first free trade pact with a Middle Eastern country, marking a new milestone in expanding the nation’s global trade footprint.
The agreement aims to reduce tariffs, enhance market access for goods and services, increase investment flows, and create new opportunities for Filipino professionals and service providers in the UAE.
It also covers strategic sectors, including digital trade, MSMEs, sustainable development, intellectual property, competition and consumer protection, government procurement, and technical cooperation.
According to a release from the country’s Presidential Communications Office, Philippine exports expected to benefit include bananas, pineapples and more.
