Key takeaways:
- Philippines & South Korea to Launch FTA Portal: A user-friendly online resource to help Filipino exporters navigate Free Trade Agreements (FTAs) will be launched by year-end
- Streamlined Trade Processes: The portal aims to simplify trade procedures for Filipino businesses
- Philippines & UAE Begin FTA Talks: Negotiations for a new Free Trade Agreement between the Philippines and the United Arab Emirates (UAE) commenced this week in Dubai
- Boosting Exports: The Philippines-UAE FTA could significantly increase Philippine exports, particularly in the aerospace sector
- Ambitious Timeline: Both agreements highlight a commitment to stronger trade ties, with the Philippines-UAE FTA aiming for completion by the end of 2024
The Philippines and South Korea are set to launch a user-friendly Free Trade Agreement (FTA) information portal by the end of 2024, aiming to streamline trade processes for Filipino exporters.
Francis Lopez, president and CEO of InterCommerce Network Services, Inc., announced the initiative during a recent meeting of the Philippine Exporters Confederation Inc. “The portal will be a one-stop shop for exporters to find the best FTAs for their products,” Lopez stated.
The portal will complement ongoing efforts to strengthen FTAs between the two countries. Exporters can use the platform to assess multiple FTAs and identify the most advantageous ones for their business.
Separate talks kick off with UAE
Meanwhile, the Philippines and the United Arab Emirates (UAE) have begun negotiations for a new Free Trade Agreement. The first round of talks is underway in Dubai, running from May 6 to 8.
Allan Gepty, undersecretary for international trade at the Department of Trade and Industry, emphasized the potential of the agreement to boost high-value exports, particularly in the aerospace sector. The Philippines has a strong track record in exporting aerospace parts, he noted.
The negotiations will cover various areas, including intellectual property, competition, digital trade, e-commerce, and government procurement. The Philippines seeks preferential treatment for a wide range of products, from agriculture to manufactured goods.
Discussions will also address the movement of skilled workers related to service industries. Both countries aim to conclude as many chapters of the agreement as possible by the end of 2024. This ambitious timeline coincides with the 50th anniversary of Philippines-UAE diplomatic relations, established in 1974.
“If we can conclude [the FTA] within the year, then that would be a good milestone in our diplomatic relations,” Gepty said.
Negotiations will alternate between Dubai and Manila, with the next round scheduled for the Philippines. This collaborative effort reflects both nations’ commitment to building mutually beneficial trade partnerships.Ⓒ
Business Bayani PH 
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