The Philippines aims to close a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) by early November, BusinessWorld reported Sunday, citing the Department of Trade and Industry (DTI).
DTI Undersecretary Allan B. Gepty told the news outlet via Viber that the target is to complete negotiations by the end of October, or the first week of November.
The third round of talks is scheduled for October 21-25, focusing on important issues like market access, Gepty told BusinessWorld.
The Philippines has proposed cutting about 7,000 tariff lines, which accounts for nearly $700 million of its exports to the UAE. In response, the UAE has asked to eliminate 1,400 tariff lines, valued at nearly $958 million, which would account for 90.58% of the Philippines' imports from the UAE, the report said.
The total trade between the two nations reached $1.88 billion in 2023, the newspaper reported.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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