Pakistan's trade with UAE to surpass $10.6bn in 2023: Ambassador
Pakistan
Pakistan's trade with UAE to surpass $10.6bn in 2023: Ambassador
ISLAMABAD (Dunya News) – Pakistan’s Ambassador to the UAE Faisal Niaz Tirmizi said on Wednesday that the bilateral trade between Pakistan and the United Arab Emirates is expected to grow double from the $10.6 billion volume achieved in 2021-2022.
Speaking to an Emirates News Agency, He said “The potential is much more. I have been tasked by the political leadership of my country to increase trade, promote business opportunities, and investment and elevate cultural interaction between Pakistan and the UAE.”
Mr Faisal added that 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 said that the UAE and Pakistan enjoyed historic relations as Pakistan was the first country to send its ambassador six months before the formation of the UAE.
“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.
He said 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 had 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.
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.”
He said Pakistan was organizing an international conference on “Climate Resilient Pakistan” in Geneva on 9th January 2023 to mobilize international community support towards building back better after the devastating floods.
It will be co-chaired by Prime Minister Muhammad Shehbaz Sharif and the UN Secretary-General António Guterres. Pakistan has estimated flood damages to exceed US$14.9 billion, economic losses over US$15.2 billion, and reconstruction needs over US$16 billion.
“That (conference) will be a massive reconstruction effort towards rebuilding the lives and livelihoods of those affected,” the ambassador said.
He said that as chair of Group 77, Pakistan negotiated the establishment of loss and damage fund at the Sharm el-Sheikh Climate Change Conference (COP 27). “We will be carrying forward the same thing that those countries who have been badly impacted by the effect of climate change, their issues have to be addressed.”
The ambassador said that the UAE had taken a lead in clean energy. “They are investing both in technology and in projects like solar, wind or any other renewables.”
The ambassador identified some sectors where the two countries could increase their cooperation, saying that Pakistan’s Indus valley civilisation has contributed richly to the world heritage.
“We will encourage Emiratis as well as other nationalities to visit Pakistan and enjoy the rich diversity, the natural beauty of the country, and most importantly the warmth of the people,” the ambassador said.
