The Philippines and the United Arab Emirates are headed towards unprecedented economic relations as the two countries concluded negotiations for the Investment Promotion and Protection Agreement and jointly announced to start official discussions on a Comprehensive Economic Partnership Agreement or a potential free trade agreement.Already, three UAE firms committed signed Letters of Intent and one Memorandum of Understanding that are expected to bring in $580.
To further maximize the opportunities for complementation in shared areas of interests and priorities, the Philippines and the UAE are also in the process of finalizing a Memorandum of Understanding on Economic and Technical Cooperation, which, together with the IPPA, provides the solid foundation for pursuing the CEPA.
He further urged the Joint Committee on Investment established under the agreement be called to start investment initiatives. Agriculture Secretary William Dar, also part of the Dubai delegation cited the Baladna project stating, “The DA, through the National Dairy Authority , fully support and welcome this new initiative as this will help jumpstart catalytic investments in the Philippine dairy industry to contribute to food security, local milk production and processing leading to agri-industrial development.”