Dr. Thain bin Ahmed Al Zeyoudi, the UAE Minister of Foreign Trade, met with the Philippines Business Council in the UAE to discuss expanding bilateral private sector relations. This follows the agreement on a Comprehensive Economic Partnership Agreement (CEPA) in July, designed to foster deeper trade cooperation and investment opportunities between the two nations.
Expanding Private Sector Partnerships
The discussion focused on enhancing business partnerships and identifying areas for further collaboration between the private sectors of both countries. Dr. Al Zeyoudi highlighted the significant progress made in economic relations between the UAE and the Philippines, noting that non-oil trade between the two countries reached US$940 million in 2024. This trend has continued into 2025, with Q1 non-oil trade reaching US$257.7 million.
The UAE remains the Philippines’ top export market among Arab and African nations, as well as its 17th largest global market, underscoring the solid foundation for future collaboration.
Bilateral Trade Growth and Economic Impact
“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. He further emphasized that the discussions were aimed at exploring private sector opportunities and overcoming any challenges faced by businesses from either side in their respective markets.
The Philippines, one of the fastest-growing economies in the ASEAN region, boasted a 5.6% growth in 2024, making it the second-fastest growing economy in the region. The ASEAN bloc, which has a combined GDP of US$4.13 trillion, plays a pivotal role in the global economic landscape.
Filipino Diaspora and Community Contributions
A key aspect of the meeting also revolved around the significant Filipino diaspora in the UAE, which works across critical sectors like construction, healthcare, and hospitality. The two nations discussed how this community can contribute further to the growing economic ties, benefiting mutual prosperity.
CEPA Agreement: A Game-Changer for Trade and Investment
The Comprehensive Economic Partnership Agreement (CEPA), signed earlier this year, is expected to reduce trade barriers and unlock new opportunities in key sectors such as agriculture, financial services, and electrical equipment. The agreement is forecast to bolster the UAE’s economy by US$2.4 billion and significantly increase UAE exports to the Philippines, which are expected to rise to US$7.62 billion by 2032.
