UAE Minister of Foreign Trade HE Al Zeyoudi engages with Philippines Business Council
Abu Dhabi, UAE: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, held a meeting with the Philippines Business Council in the UAE to explore expanding private sector relations between the two nations. This meeting follows the agreement of a bilateral Comprehensive Economic Partnership Agreement (CEPA) last July, aimed at enhancing trade cooperation and investment opportunities.
The meeting touched on ways to build and expand partnerships between the business communities and the private sector on both sides. During the meeting, HE Al Zeyoudi highlighted the growing economic partnership between the UAE and the Philippines, noting that the total volume of non-oil trade reached approximately US$940 million in 2024. Growth has continued in 2025, with non-oil trade reaching US$257.7 million in Q1. The UAE is the Philippines' top export market among Arab and African countries as well as its 17th largest globally, demonstrating the strong foundation on which both nations can further expand collaboration.
"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," HE Dr. Al Zeyoudi stated. ' Our discussions today aim to explore private sector opportunities, identify areas for greater collaboration, and address any challenges faced by Philippines businesses operating in the UAE or by their Emirati counterparts operating in the Philippine market."
The Philippines is one of the fastest-growing economies in the ASEAN bloc of countries and a key logistics and manufacturing hub. In 2024, the economy grew by 5.6%, the second-fastest growing economy in the ASEAN region, which the world's fourth-largest economic bloc, boasting a combined GDP of US$4.13 trillion.
With a significant Filipino diaspora residing in the UAE, working primarily in sectors such as construction, healthcare, and hospitality, the meeting also aimed to explore how these communities can further contribute to mutual prosperity from the growing economic ties.
The Comprehensive Economic Partnership Agreement, which was agreed earlier this year, is expected to mitigate trade barriers, boost investment flows, and open new avenues for trade, investment and collaboration in key sectors including agriculture, financial services, and electrical equipment. The UAE-Philippines CEPA represents a significant addition to the UAE's global trade program. The CEPA is forecast to increase the UAE's GDP by US$2.4bn and increase exports to the Philippines to US$7.62 billion by 2032.
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