Philippines Delegation Explores Trade Boost with UAE in Clean Energy and AI
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, welcomed a high-level delegation from the Philippines to the Ministry of Economy headquarters in Dubai. The delegation, led by Benjamin Diokno, Secretary of Finance, included several key officials from the Philippines. The purpose of the meeting was to discuss ways to enhance trade and investment relations between the two countries, with a focus on sectors such as clean energy, artificial intelligence, transportation and logistics, and financial and banking services.
One of the main topics of discussion was the Comprehensive Economic Partnership Agreement (CEPA) between the Philippines and the UAE. Both sides expressed their satisfaction with the progress made in the negotiations since they began in February 2022. The CEPA aims to strengthen investment flows, facilitate trade, and create new business opportunities for both countries.
During the meeting, the delegation and the UAE officials reviewed the latest developments related to bilateral relations. They explored the potential for joint economic projects that would benefit both nations. The focus was on sectors of mutual interest, particularly clean energy and artificial intelligence.
Clean energy has been identified as a priority area for both countries. The Philippines, with its vast renewable energy resources, can offer expertise and opportunities for investment in this sector. The UAE, on the other hand, has made significant progress in clean energy technologies and can provide valuable knowledge and support.
Artificial intelligence is another area where the Philippines and the UAE see great potential for collaboration. Advances in AI have the potential to transform various industries and drive economic growth. By exchanging knowledge and expertise, both countries can benefit from the development and deployment of AI applications.
The delegation also expressed their interest in the transportation and logistics sector, which plays a crucial role in facilitating trade between the Philippines and the UAE. Improving infrastructure and connectivity can significantly enhance trade flows and create new opportunities for businesses in both countries.
Furthermore, the financial and banking services sector was highlighted as an area of mutual interest. Strengthening cooperation in this sector would facilitate cross-border transactions and promote investment between the two nations.
Overall, the meeting between the Philippines delegation and UAE officials was fruitful, with both sides expressing their commitment to enhancing trade and investment relations. The focus on clean energy, artificial intelligence, transportation and logistics, and financial and banking services reflects the shared vision for economic cooperation. As negotiations continue, it is expected that the partnership between the Philippines and the UAE will bring mutual benefits and contribute to the growth of both economies.