The time has come for Pakistani manufacturers do their homework and engage in effective marketing of their value-added goods to boost exports and thereby actualise their true potential by establishing enduring bilateral ties with close-to-home partners. The United Arab Emirates (UAE) is one such potential market.

Pakistan and the UAE have massive potential for increasing bilateral trade. The latter is keen to explore and agree on a new economic roadmap with Pakistan to bolster bilateral trade and economic relations. Pakistani meat products are being exported to Jordan and other countries from the UAE, which shows that Pakistan could make a tangible increase in its exports by getting better penetration in the UAE market.

In this region, the India-UAE annual bilateral trade is around $75 billion. In contrast, ours is approximately worth $14 billion - far less than the actual potential of the two countries. There is a need for taking concrete measures to upscale the quantum of trade between the countries. Pakistan should create congenial conditions to ensure ease of doing business. It must also improve its legal frameworks and promulgate more business-friendly policies to attract significant foreign direct investment from the Arab country.

The UAE has provided crucial economic support and financial assistance to Pakistan on multiple occasions. It is reassuring to see that the two are moving towards greater economic cooperation, which can have a long-term impact on economic cooperation between the two countries.

Both sides have taken initiatives to harness their trade and economic potential. There are promising opportunities for setting up joint ventures in several trade fields by investors and the business community.

Bilateral trade ties between the UAE and Pakistan are set to strengthen in the coming years as both nations seek new opportunities to work together towards recovery from the Covid-19 pandemic. While speaking at an event organised by the Pakistan Business Council titled Business Opportunities: Bilateral Trade Between the UAE and Pakistan, the UAE Minister of State for Foreign Trade said that the UAE and Pakistan shared deep bilateral relations based on a long history of trust and respect. He added, “Bilateral trade between the two nations showed growth even during the tough times that the world is seeing. For us, Pakistan is among the top twenty-five important strategic global trade partners. In terms of imports, the UAE is Pakistan’s second-biggest partner. Both countries also have significant investments in various sectors in each other’s economies, such as real estate. The UAE recently announced the 100 per cent foreign ownership law, which has spurred economic activity and been hailed by the business community in Pakistan and around the world.”

The countries have already agreed to work together in agro-tech, healthcare and wellness, manufacturing, logistics, and IT sectors. Likewise, food security is a vital area that both nations are working on right now. Pakistan has a wealth of expertise in the agriculture sector, which it can share with its UAE partners. Besides agriculture, there are loads of opportunities in the healthcare sector, petrochemicals, textiles, and sports-related goods. Tourism and hospitality are two critically important sectors in Pakistan, wherein the UAE can play a vital role.

Pakistani products, especially fresh fruits and vegetables, have enormous potential to penetrate the UAE market. To boost the export sector, the Pakistani government has taken tangible measures to address the concerns and issues of the exporters, including holding regular awareness raising seminars on export of fresh fruits and vegetables. Concrete steps have also been taken to impart training to exporters about the standards, packaging and health requirements and promotion of Pakistani products in the UAE. On its side, the Arab partner has a functional and vibrant food safety department to ensure food safety and quality. Therefore, Pakistani exporters must comply with the Emirates’ health certification requirements and fitness standards. Pakistan’s focus is shifting from geo-politics to geo-economics. The country is working towards improving its legal framework for more business-friendly policies to attract FDI from the UAE. The proactive role of the Pakistan Business Council-UAE in improving bilateral trade and investment relations between the two countries is of immense value. Pakistan must seize the moment to multiply its fortunes by focusing on export-led growth.

The writer is a civil   servant, columnist and public policy analyst