The United Arab Emirates (UAE) and the Philippines are taking decisive steps to deepen their economic partnership, opening new opportunities for trade, investment, and collaboration across vital sectors.
In a recent high-level meeting, the Philippine Business Council – Dubai and Northern Emirates (PBC-DNE) engaged with His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade. The discussions focused on enhancing support for the Filipino business community in the UAE and identifying ways to accelerate growth in both markets.
This dialogue follows the signing of the Comprehensive Economic Partnership Agreement (CEPA) in July — a landmark bilateral deal aimed at reducing trade barriers, boosting investment flows, and promoting cooperation in sectors like agriculture, financial services, electrical equipment, and manufacturing.
“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,” said Dr. Al Zeyoudi, as reported by WAM. “Our discussions today aim to explore private sector opportunities, identify areas for greater collaboration, and address any challenges faced by Philippine businesses operating in the UAE or Emirati companies in the Philippine market.”
The UAE Minister also shared an update on his official X platform:
Key Developments in UAE–Philippines Economic Relations
1. Comprehensive Economic Partnership Agreement (CEPA)
Signed in July 2025, CEPA marks a significant milestone in bilateral relations. The agreement is designed to:
- Lower tariffs and ease market access
- Encourage private sector investments
- Foster collaboration in emerging industries, including renewable energy and technology
2. Strong Trade Growth
- 2024: Non-oil trade volume reached US$940 million
- Q1 2025: Non-oil trade totaled US$257.7 million
- UAE is the Philippines’ top export market among Arab and African nations and ranks 17th globally
3. Projected Economic Impact
- CEPA could add US$2.4 billion to UAE’s GDP
- UAE exports to the Philippines are expected to hit US$7.62 billion by 2032
4. Renewable Energy Partnership
In January 2025, the Philippines signed a US$15 billion renewable energy agreement with UAE’s state-owned Masdar. This includes:
- Solar, wind, and battery storage projects
- Capacity of 1 gigawatt by 2030, with plans to expand to 10 gigawatts by 2035
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Strategic Importance for the ASEAN Region
The Philippines is one of the fastest-growing economies in ASEAN, recording 5.6% growth in 2024, second only in the region. With ASEAN being the world’s fourth-largest economic bloc (GDP: US$4.13 trillion), the UAE’s engagement is part of a broader strategy to enhance connectivity, drive mutual prosperity, and strengthen regional stability.
The UAE–Philippines partnership is entering a new era of cooperation. Through CEPA, renewable energy projects, and enhanced private sector engagement, both nations are laying the groundwork for sustainable economic growth, diversified trade, and deeper integration into the global economy.
