Manila: The Philippines and the United Arab Emirates (UAE) are on the cusp of sealing a significant trade deal dubbed the Comprehensive Economic Partnership Agreement (CEPA), which is anticipated to be signed in the coming weeks, as revealed by the UAE Embassy in Manila.

According to Philippines News Agency, UAE Ambassador to the Philippines Mohamed Alqataam Alzaabi shared insights on the occasion of the 51st anniversary of UAE-Philippine relations, stating that the signing of CEPA will enhance trade and investment. The agreement will encompass goods and services, investments, small and medium enterprises, digitalization, customs, governance, and sustainability. This agreement marks the Philippines' first free trade agreement in the Middle East, following the announcement of FTA negotiations in February 2022 by Manila and Abu Dhabi.

Beyond the forthcoming FTA, the two nations have recently entered into 22 agreements concerning culture, energy transition, legal cooperation, government modernization, and security. Alzaabi noted the sustained momentum in cooperation between the two countries over the years, emphasizing strengthened ties in trade, development, culture, and people-to-people exchanges.

The ambassador also underscored the UAE's USD20 million commitment to the rehabilitation of the Pasig River and the significant USD15 billion investment plan by Emirati state-owned firm Masdar in the Philippines. This investment is poised to develop renewable energy projects, potentially delivering up to 10 gigawatts of clean power by 2030.

Highlighting the importance of the Filipino community in the UAE, Alzaabi reiterated the UAE's commitment to protecting the welfare of over one million Filipinos residing there. Their contributions are recognized as enriching every sector of society, fostering stronger bonds between the two nations.

The diplomatic relationship between the Philippines and UAE was established on August 19, 1974, marking 51 years of formal ties this year. A notable milestone in their relations occurred in November with the visit of President Ferdinand R. Marcos Jr. to the UAE, where he engaged with UAE President Sheikh Mohamed bin Zayed Al Nahyan and Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.