He clarifies that the offer accepted by Hamas is a softened version of Egyptian proposal, which is not acceptable to Israel
mena8 hours ago
The UAE and the Philippines are set to bolster economic ties with the successful conclusion of negotiations for the Investment Promotion and Protection Agreement (IPPA) and the start of discussions on a Comprehensive Economic Partnership Agreement (CEPA).
In a joint announcement, both sides said they have agreed to launch negotiations for a CEPA that will strengthen trade, enhance investment flows, remove barriers to trade, and create new business opportunities.
The joint announcement, which was made on the sidelines of the Philippines’ National Day at Expo 2020 Dubai last week by the UAE Minister of State Ahmed Ali Al Sayegh and Trade Secretary Ramon Lopez, underscored the significance of the start of negotiations for the CEPA and the imminent signing of the IPPA.
To further maximise the opportunities for complementation in shared areas of interests and priorities, the UAE and the Philippines are also in the process of finalising a memorandum of understanding on economic and technical cooperation, which, together with the IPPA, will provide the solid foundation for pursuing the CEPA.
“These initiatives are expected to boost trade and investments between the two countries, leading to more diversified economic activities, development of new industries, employment generation and higher consumer spending as we partner for shared prosperity. The Philippines may serve as UAE’s strategic hub for the Southeast Asian region, as economic activities continue to shift to Asia. Active engagement between government and business sectors is key in ensuring that both countries will maximize benefits of the Agreements, including diversifying and expanding economic interests,” Lopez said.
The UAE is the Philippines’ biggest export partner in the Middle East. In 2021, the total trade between the Philippines and the UAE grew by 34.7 per cent to reach Dh3.5 billion from Dh2.6 billion in 2020. In terms of investments, the UAE ranked as the 17th top source of approved investments in 2019, valued at Dh48 million.
During the Philippines Country Business Briefing held alongside the Philippines National Day at Expo 2020 Dubai, the Philippines welcomed Letters of Intent from GCC companies. These LOIs are expected to bring in Dh2.2 billion worth of investments and generate 4,000 job opportunities in the country’s healthcare, energy, tourism and hospitality, and dairy industries.
Lopez highlighted that this is an opportune time for UAE investors as the Philippines develops the necessary investment landscape through significant economic and regulatory reforms such as the liberalisation of the Public Service Act, Retail Trade Law, Foreign Investments Act, the CREATE Act and the aggressive Build Build Build programs of the Duterte administration.
Lopez said these reforms are supported by the Philippines’ efforts to improve ease of doing business by streamlining government processes, reducing processing time, and cutting bureaucratic red tape. The opportunities for FDI into several activities are broader and coupled with the IPPA, these investments will reap the benefits of all these reforms and agreements.
— issacjohn@khaleejtimes.com
He clarifies that the offer accepted by Hamas is a softened version of Egyptian proposal, which is not acceptable to Israel
mena8 hours ago
These areas will serve a growing population and will act as green corridors that link service areas, residential areas, and workplaces
uae8 hours ago
The Kremlin specifies that the exercises are a response to statements by French President Emmanuel Macron and British officials
world9 hours ago
Hopes for a September cut rose after the non-farm payroll report on Friday
markets9 hours ago
He also stabbed three other workers, leaving them with serious injuries
uae9 hours ago
Dubai FinTech Summit kicked off on Monday with over 200 exhibitors
business9 hours ago
There were no immediate details over what the agreement entailed
mena9 hours ago
Authorities are currently investigating the sightings
uae9 hours ago