Intra-non-oil trade between the two countries totaled over $1.850 billion in 2022, up from $830.3 million in 2021
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan welcomed today the Philippines President His Excellency Ferdinand Marcos Jr., who is on a working visit to the UAE. During their meeting at Qasr Al Shati in Abu Dhabi, Sheikh Mohamed expressed his hope that the visit would herald a new and significant chapter in the development of relations between the two nations.
During the meeting, the UAE and Philippines presidents discussed cooperation and opportunities to strengthen ties, particularly in the economic, trade, investment, and developmental fields. Discussions also focused on other key sectors that align with the shared development priorities and mutual interests of both countries.
50 years of diplomatic relations
The two presidents also covered several issues of mutual interest, with both sides exchanging views on these matters. For his part, Sheikh Mohamed emphasized the strong and evolving relationship between the UAE and the Philippines, which has witnessed considerable progress over the years, particularly in the area of development.
He also highlighted that this year marks the 50th anniversary of the establishment of diplomatic relations between the two countries and reiterated their shared commitment to further advancing these ties in the years ahead for the benefit of both nations.
Progress towards UAE-Philippines CEPA
Besides, Sheikh Mohamed stated that the UAE looks forward to continuing discussions towards reaching a Comprehensive Economic Partnership Agreement (CEPA) with the Philippines to bolster trade and investment relations of mutual economic growth to new heights. The UAE, a key trading partner of the Philippines in the region, also collaborates with the country through ASEAN, where the UAE has held the status of a Sectoral Dialogue Partner since 2022.
Non-oil intra-trade between the UAE and the Philippines continued to flourish in the first half of 2023, recording $506.1 million, an increase of 19.4 percent compared to the same period in 2022, while intra-non-oil trade in 2022 totaled over $1.850 billion, up from $830.3 million and $715.6 million in 2021 and 2020, respectively.
Sheikh Mohamed also noted the significant growth in trade between the UAE and ASEAN and emphasized that this partnership further enhances UAE-Philippines relations.
Read: Ras Al Khaimah ranks 1st globally in Expat Essentials Index, 2nd in Working Abroad Index
Partnerships signed in key sectors
For his part, President Ferdinand Marcos Jr. expressed his appreciation to Sheikh Mohamed, commending the UAE’s remarkable humanitarian efforts and its steadfast commitment to supporting communities around the world, particularly in addressing shared global challenges. President Marcos Jr. also affirmed the Philippines’ commitment to strengthening cooperation with the UAE on all levels, building on the solid foundations of their longstanding relationship to advance mutual interests. He also conveyed his appreciation for the warm reception extended to him during his visit.
In conjunction with the visit, the UAE and the Philippines signed several memoranda of understanding and agreements, covering areas such as culture, energy transition, mutual legal assistance in criminal matters, extradition, the transfer of sentenced persons, and cooperation in government development and modernization.