UAE keen to improve bilateral trade relations

KARACHI: United Arab Emirates (UAE) government on Tuesday showed interest to boost bilateral trade ties with Pakistan through exploring opportunities in various economic sectors.

“Traditional and historical relationship is the foundation of our future cooperation,” UAE Ambassador Hammad Ubaid Ibrahim Salem Al Zaabi said in a statement. “Pakistanis are contributing in the UAE economy.”

The ambassador met with the office bearers of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

The envoy said both the countries initiated work on a framework to boost trade and investment and to avoid double taxation.

He said Dubai will host Dubai Expo 2020 in October in which 100 countries would participate and he invited Pakistani entrepreneurs to the event. Around 1.4 million Pakistanis are living in the UAE.

Tariq Haleem, vice president of FPCCI said the leadership of the both states led to an exemplary bilateral relationship.

“UAE always supports and stands with Pakistan when it faces crises,” Haleem said.

Waheed Ahmed, vice president of FPCCI said Pakistan’s agriculture sector has the potential to cater to the food requirements of UAE.

Zubair Tufail, ex-president FPCCI said UAE is among the top five trade partners of Pakistan.

Annual bilateral trade volume stands at more than eight billion dollars, according to an estimate. But, the trade volume is below the potential.

Tufail invited investment from UAE investors. He said security and energy situation has improved, making the country an ideal venue for foreign investment.

The government planned to add 10,000 megawatts to the grid during the current year to ensure electricity availability round-the-clock.

Mirza Ikhtiar Baig, an industrialist said UAE should provide assistance on various issues like preferential trade agreement and exports of various commodities to UAE markets. The proposals will be presented during a joint ministerial committee meeting, he added.