Since the establishment of diplomatic relations, trade between the two countries has significantly improved.
Years later, trade relations between the UAE and the Philippines have become not only limited to importation and exportation of goods, but also services, industry and different investments.
The signing of the Memorandum of Understanding, which created a Joint Committee for Cooperation between the UAE and the Philippines in January 9, 2017, was a milestone noteworthy of the 37 Diplomatic years of the two nations.
The UAE ranked 23rd among the Philippines’ trading partners in 2020, its 21st largest export market, and its 18th largest import supplier.
In 2021, the UAE ranked 20th among the Philippines’ trading partners, its 23rd largest export market, and its 18th largest import supplier.
UAE is the Philippines’ largest export market in the GCC, with exports to UAE comprising 58.26% of total Philippine exports to the region. It is the largest export market in the Middle East too, acoording to latest figures.
In terms of investments, UAE ranked 17th among the Philippines’ investment partners in 2019, with around 87% of investments going into manufacturing, and with more investments are expected to flow.
Signing of Investment Promotion and Protection Agreement and the MoU on Agricultural Cooperation, earlier this year, would lead to a big boost for economic and trade relations between both countries.
