Business Group Advocates for Enhanced Export Strategy to Middle East
The Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. (FFCCCII) has issued a compelling call to the Philippine government, urging a significant increase in the export of local products to the Middle East. This appeal comes in the wake of the recent signing of a free trade agreement between the Philippines and the United Arab Emirates (UAE), which the group views as a pivotal opportunity for economic growth.
Leveraging the UAE Free Trade Agreement
According to the FFCCCII, it is crucial for the government to capitalize on the newly inked Comprehensive Economic Partnership Agreement (CEPA) with the UAE. The federation expressed strong enthusiasm for this agreement, highlighting its potential to open new markets and strengthen bilateral trade relations. The group emphasized that this move should not only focus on sending overseas Filipino workers (OFW) to the region but also prioritize the export of unique Philippine-made goods that are not readily available elsewhere.
Shifting Focus from Labor to Products
In their statement, the business leaders pointed out that the traditional reliance on OFW deployment to the Middle East should be complemented by a robust export strategy. They argued that by promoting local products, the Philippines can diversify its economic engagements and create more sustainable revenue streams. This approach aims to showcase the country's manufacturing and agricultural capabilities on an international stage.
Recent Diplomatic Efforts and Future Implications
It is worth recalling that last week, President Ferdinand Marcos Jr. visited the UAE, where discussions included strengthening the partnership between the two nations. This diplomatic engagement underscores the government's commitment to enhancing trade ties, aligning with the FFCCCII's recommendations. The group's advocacy signals a growing push within the business community to leverage such agreements for broader economic benefits beyond labor exports.
Overall, the FFCCCII's call highlights a strategic shift towards maximizing trade opportunities in the Middle East, driven by recent policy developments and diplomatic initiatives.
