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UAE and Philippines aim for $500 million trade boost

High-level UAE council heads to UAE to expand bilateral business.

High-level UAE council heads to UAE to expand bilateral business.

Enhancing Economic Relations

The UAE and the Philippines are gearing up to elevate their bilateral trade deals to a substantial $500 million, signaling a strong commitment to bolstering economic ties between the two nations.

Leadership-Led Delegation

Ahmed Ali Al Sayegh, Minister of State, and Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, spearheaded a high-profile UAE delegation’s visit to Manila, Philippines. 

The primary objective was to explore and cultivate bilateral trade and investment opportunities while fostering collaboration in sectors of mutual interest, particularly within the private sector.

Deepening Economic Cooperation

The visit occurs amidst a backdrop of expanding economic relations between the UAE and the Philippines. Notably, the first half of 2023 witnessed a substantial 19.4% surge in bilateral non-oil trade, reaching the $500 million mark. 

This considerable increase reflects the growing economic synergy and trade volumes between the two countries compared to the corresponding period in 2022.

Focus on Mutual Growth

The emphasis on exploring opportunities for collaboration and investment signifies a mutual commitment to enhancing economic cooperation. Both nations seek to leverage their strengths and interests, paving the way for a more robust economic partnership and sustained growth in bilateral trade and investment.

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