The Philippines and Qatar are expected to finalize the ratification process of the two countries' Investment Promotion and Protection Agreement (IPPA) within the year, the Department of Trade and Industry (DTI) said.
BOOSTING ECONOMIC TIES Trade and Industry Secretary Fred Pascual and Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani of the Qatar Ministry of Commerce and Industry meet on the sidelines of the Qatar Economic Forum in Doha on Wednesday (May 15, 2024). Both countries agreed to finalize the ratification process of the Philippines-Qatar Investment Promotion and Protection Agreement within the year. DTI PHOTO
In a statement, the DTI said the agreement was made during Trade Secretary Alfredo Pascual's meeting with Qatar Ministry of Commerce and Industry (MOCI) Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-nes in Doha on Wednesday.
"We are confident that finalizing the ratification process will translate into productive investment figures contributing to our mutually shared prosperity,” Pascual said.
During the meeting, the DTI and MOCI also agreed to pursue a memorandum of understanding (MOU) to strengthen cooperation on intellectual property rights (IPR) protection.
The MOU will facilitate the exchange of information and best practices, training programs, and high-level dialogues on IP policy.
The Philippine delegation expressed concern about the proliferation of counterfeit Filipino brands in the Middle East, including Qatar.
According to the DTI, enhanced cooperation on IPR protection, including the proposed MOU, would address these concerns and create a more fair and secure environment.
During the discussion, both countries also agreed to collaborate on creating a business-friendly environment that will facilitate greater trade, investment, and economic cooperation.
The officials also discussed the holding of the inaugural Philippines-Qatar Joint Economic, Commercial, and Technical Committee (JECTC) meeting in the first quarter of 2025.
Both countries also agreed on organizing a business forum and a business-to-business matching session on the sidelines of the JECTC.
“We are pleased with the progress made in this meeting and we are positive that the finalization of the IPPA ratification process will soon pave the way for its full implementation," Pascual said.
" The Philippines is eager to further strengthen its economic partnership with Qatar through enhanced investment flows, increased cooperation on intellectual property rights, and the establishment of the Joint Economic, Commercial, and Technical Committee. We believe that this collaboration will not only benefit our two countries but also contribute to greater prosperity and stability in both the Gulf and Southeast Asia regions,” he added. PNA