Manila: The Comprehensive Economic Partnership Agreement (CEPA) between the Philippines and the United Arab Emirates (UAE) is anticipated to be signed in June, as stated by the UAE's envoy in Manila.

According to Philippines News Agency, UAE Ambassador to Manila Mohamed Obaid Salem Al Qatam Alzaabi and Philippine Special Envoy to the UAE for Trade and Investments Ma. Anna Kathryna Yu Pimentel confirmed that the signing of the CEPA is set to occur within the first half of this year. "It's currently undergoing legal scrubbing," Pimentel informed reporters during an interview at the UAE Embassy in Makati City.

Alzaabi highlighted the significance of this agreement, noting that it would mark the Philippines' first free trade agreement with a Middle Eastern country. The CEPA encompasses various areas, including goods and services, investments, small and medium enterprises, digitalization, customs, governance, and sustainability.

The initial announcement of the FTA negotiations between Manila and Abu Dhabi took place in February 2022. Meanwhile, the UAE envoy mentioned that interest from Emirati firms in the Philippine market has been increasing even prior to the CEPA's signing. A delegation of 17 companies from Dubai is scheduled to visit the Philippines next week to participate in a business forum and explore potential partnerships with local companies. These firms operate in sectors such as hospitality, energy, and SMEs.