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MANILA, Philippines — After signing a bilateral investment agreement and formally beginning off trade discussions, the Philippines and the United Arab Emirates (UAE) have pushed for closer economic ties.

The Investment Promotion and Protection Agreement (IPPA) was signed by DTI Secretary Ramon Lopez during his visit to the UAE for the Philippines’ National Day at Expo 2020 Dubai on February 11th, according to the DTI.

“The IPPA is cutting-edge, business-friendly, and comprehensive, covering investment promotion, facilitation, and protection. The agreement establishes a Joint Committee on Investments (JCI), which will “function as a platform to more closely coordinate and collaborate in implementing a focused investment promotion that has a bigger impact on both our economies,” Lopez said in a statement released Monday.

This is particularly important, according to Lopez, because the Philippines just passed modifications to the Retail Trade Liberalization Act, the Foreign Investments Act, and the Public Service Act, all of which will ease equity limitations for foreign investors.

Aside from the IPPA, the two countries will begin formal negotiations for a bilateral trade pact known as the Comprehensive Economic Partnership Agreement (CEPA).

“As we collaborate for shared prosperity, these measures are projected to enhance trade and investments between two countries, resulting in more diverse economic activity, the growth of new industries, job creation, and higher consumer spending,” Lopez added.

The Philippines might serve as a strategic base for the UAE in Southeast Asia, according to the DTI chief, thanks to the IPPA and CEPA.

Lopez spoke with UAE Minister of State Ahmed Ali al Sayegh and Foreign Trade Minister Thani bin Ahmed Al Zeyoudi during his official visit to the UAE.

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