ISLAMABAD : The bilateral commerce between Pakistan and the United Arab Emirates is anticipated to double from the $10.6 billion volume attained in 2021–2022, according to Faisal Niaz Tirmizi, Pakistan’s ambassador to the UAE.
He said, “The potential is far bigger,” while speaking to an Emirates News Agency. The political leadership of my nation has given me the duty of promoting investment, trade, and economic possibilities while enhancing cultural exchange between Pakistan and the UAE.
The 10.6 billion dollars in commerce during the previous year, according to Mr. Faisal, was “the biggest volume Pakistan had in the Middle East and North Africa (MENA) area.
He said that the UAE and Pakistan had a long history of diplomatic ties since Pakistan was the first nation to send an ambassador to the UAE six months before it was founded.
The UAE is like a second home to Pakistanis and vice versa. The two nations’ close physical proximity provide a fantastic chance for collaboration, he said.
He said that over 1.6 million Pakistanis live in the UAE and remitted $6.11 billion in remittances in 2020–2021.
The envoy said that Pakistan and the UAE had begun talks on the Comprehensive Economic Partnership Agreement (CEPA) and expressed optimism about making considerable headway before the end of the year.
“Yes, we are addressing this; it is crucial. We aim to make some meaningful headway on this deal before 2023. The Pakistani minister of commerce is in contact with the necessary authorities in the UAE.
He said that CEPA will provide the two nations a chance to double their bilateral commerce, noting that the UAE is Pakistan’s largest commercial partner in the MENA region.
The envoy emphasised three areas for future cooperation between Pakistan and the UAE: fintech, information technology, and startups.
“Last year, our exports to these industries rose to $3 billion USD. We have new businesses and competent labour. I’ll be paying careful attention to this because I believe there are a tonne of potential for Pakistan and the UAE to work together in the future.
According to Ambassador Tirmizi, the UAE was the most giving nation in terms of aiding Pakistani regions hit by floods.
To provide humanitarian relief to those impacted by the unexpected floods, the UAE built an air bridge. He said that “they had deployed over 70 planes with emergency supplies.” For individuals whose lives had been impacted by the floods, this was essential.
In order to rally the assistance of the world community for rebuilding better after the terrible floods, he said that Pakistan was holding an international conference on “Climate Resilient Pakistan” in Geneva on January 9, 2023.
Prime Minister Muhammad Shehbaz Sharif and UN Secretary-General António Guterres will co-chair it. Pakistan has predicted that the cost of the flood-related losses and damages would surpass US$15.2 billion and that US$16 billion will be needed for rehabilitation.
The ambassador said that “that (conference) would be a significant reconstruction effort toward reconstructing the lives and livelihoods of people afflicted.”
He said that at the Sharm el-Sheikh Climate Change Conference, Pakistan, as head of Group 77, proposed the establishment of a loss and damage fund (COP 27). “We will continue doing the same thing, which is to address the concerns of those nations that have been severely touched by the effects of climate change.”
In terms of clean energy, the ambassador said that the UAE has seized the lead. “They are investing in technology as well as initiatives like solar, wind, and other renewable energy sources.”
The envoy pointed out several areas where the two nations’ collaboration might be strengthened while pointing out Pakistan’s Indus valley civilization’s significant contributions to global heritage.
The ambassador said that he would “urge Emiratis as well as other nationalities to visit Pakistan and appreciate the rich variety, the natural beauty of the country, and most significantly, the friendliness of the people.”