Pakistan, UAE to sign free trade agreement: ambassador

ABU DHABI: Pakistan and the United Arab Emirates (UAE) are expected to sign a free trade agreement during the upcoming visit of the Emirates delegation to Pakistan on September 10.

In an interview with The News, the Ambassador of Pakistan, Faisal Niaz Tirmizi, expressed optimism that both the nations would sign a Comprehensive Economic Partnership Agreement (CEPA). It is anticipated that this agreement will greatly benefit and optimize trade between the two countries. “The high-level delegation of the UAE government will visit Pakistan on September 10 to discuss bilateral trade and business opportunities”, the envoy revealed. It is worth noting that the free trade agreement being discussed will effectively lower trade tariffs and potentially boost Pakistan’s earnings and revenues.

Tirmizi highlighted that the relationships between the leadership of Pakistan and the UAE have significantly improved since last year, with reciprocal visits between the two countries’ leaders. He also said that there had been a 10 percent growth in bilateral trade between Pakistan and the United Arab Emirates (UAE) over the past year. “The bilateral trade volume has increased from $10 billion to over $11 billion”, he said. More plans are being implemented to significantly enhance bilateral trade to reach a target of $40 billion within the next five to ten years, he said. “This signifies the ambition to foster stronger economic ties and create opportunities for further trade collaboration between the two countries”, the envoy added.

The ambassador also highlighted that the number of Pakistanis residing in the UAE had increased by 200,000. According to latest statistics, the current population of Pakistani residents in the UAE stands at 1.8 million, compared to 1.6 million Pakistanis last year. “This increase in the Pakistani community residing in the UAE reflects the deepening bonds and close ties between the two nations”, Tirmizi said.