The bilateral trade between Pakistan and United Arab Emirates is expected to grow up to double from the US$10.6 billion volume achieved in 2021-2022, Pakistan’s top diplomat in the UAE said on Wednesday.
The last calendar year recorded a US$10.6 billion in trade “the highest volume Pakistan had in the Middle East and North Africa (MENA) region,” he added.
“The potential is much more. I have been tasked by the political leadership of my country to increase trade, promote business opportunities, investment and elevate cultural interaction between Pakistan and the UAE,” Pakistan Ambassador to the UAE Faisal Niaz Tirmizi said in an interview with Emirates News Agency.
The Ambassador said that the UAE and Pakistan were enjoying historic relations. “Pakistan was the first country to send its ambassador six months before the formation of the UAE.
“We sent our economic, agriculture, and defence advisors way before that,” Tirmizi said.
“Pakistanis consider the UAE their second home and vice versa. The close geographical proximity between the two countries gives a great opportunity to work together,” he further stated.
Around 1.6 million Pakistanis are residing in the UAE and during 2020-2021, they sent $6.11 billion in remittances.
The Ambassador confirmed that Pakistan has started negotiations on the Comprehensive Economic Partnership Agreement (CEPA) with the UAE and hoped to have significant progress by the year’s end.
“Yes, we are working on this, it is very important. The Ministry of Commerce of Pakistan is in touch with the relevant authorities in the UAE and hopefully, we will make some significant progress on this agreement before 2023.”
The UAE is the biggest trading partner of Pakistan in the MENA region, he said, adding that CEPA would provide an opportunity for the two countries to increase their bilateral trade many folds.
The Ambassador highlighted three sectors namely Fintech, IT, and Startups, where Pakistan and the UAE can further collaborate.
“Last year, our exports increased to US$3 billion in these sectors. We have skilled manpower and new startups. I will be focusing very closely on this, because I think there are immense opportunities between the UAE and Pakistan to further collaborate.”
Ambassador Tirmizi said that the UAE was the most generous country that provided humanitarian relief to flood-affected areas in Pakistan, thanking President Sheikh Mohamed bin Zayed Al Nahyan, for his noble gestures.
The UAE established an air bridge to transport humanitarian aid to the people affected by the unprecedented floods. “They have sent over 70 flights carrying relief items,” he said. “This was critical for those people affected by the floods.”—APP