Dr. Thani bin Ahmed Al Zeyoudi, the Minister of Foreign Trade, convened a meeting with the Philippine Business Council in the UAE to discuss strategies for enhancing trade and investment flows. This initiative falls under the forthcoming Comprehensive Economic Partnership Agreement (CEPA), which is set to be officially signed at a later date. The discussion focused on opportunities to develop and expand partnerships between the business communities and private sectors of both nations.
During the meeting, Al Zeyoudi emphasized the growing economic ties between the UAE and the Philippines, noting that the total value of non-oil trade reached $940 million in 2024.
This upward trend continued into 2025, with trade exchanges hitting $257.7 million in the first quarter. The UAE stands as the largest export market for the Philippines among Arab and African nations and ranks seventeenth globally, highlighting a solid foundation for both countries to broaden their economic cooperation and partnership.
Al Zeyoudi remarked that the Philippines is a key trade partner for the UAE within the rapidly growing ASEAN region, and both countries share a mutual commitment to enhancing relations at all levels.
Additionally, efforts are being made to address any challenges faced by Philippine companies operating in the UAE, as well as their Emirati counterparts in the Philippine market. The Philippines is recognized as one of the fastest-growing economies in the ASEAN community.
With a primary focus on logistics and manufacturing, the Philippine economy grew by 5.6% in 2024, making it the second fastest-growing economy in ASEAN. The ASEAN bloc itself ranks as the fourth-largest economic grouping globally, with a total GDP of $4.13 trillion.
Given the substantial Filipino community in the UAE, who predominantly work in critical sectors such as construction, healthcare, and hospitality, the meeting also aimed to explore ways to enhance their contributions to mutual growth through strengthened economic ties.
Once implemented, the Comprehensive Economic Partnership Agreement between the UAE and the Philippines is expected to stimulate trade and investment flows, opening new possibilities for partnerships in significant sectors, including agriculture, financial services, and electrical equipment.
This agreement is a significant addition to the UAE’s plans to expand its non-oil foreign trade, projected to increase the UAE’s GDP by $2.4 billion and boost exports to the Philippines to $7.62 billion by 2032.