Pakistan, UAE Forge Ahead with Over Thirty Economic Agreements

Abu dhabi: Pakistan and the United Arab Emirates have entered a new era of economic cooperation following the signing of over thirty Memoranda of Understanding (MoUs) and Identity Governance and Administrations agreements in the past three years.

According to Radio Pakistan, Pakistan’s Ambassador to the UAE, Faisal Niaz Tirmizi, highlighted in an interview with Khaleej Times that these agreements encompass pivotal sectors such as port operations, food security, logistics, banking, and minerals. With a trade volume exceeding 10 billion dollars and increasing mutual interest in ports and infrastructure, both nations are demonstrating a committed trajectory towards enhanced economic collaboration.

Ambassador Tirmizi emphasized the active engagement with Abu Dhabi Ports (AD Ports) concerning the implementation of MoUs signed under the Special Investment Facilitation Council (SIFC) platform. He also noted the mutual exemption of entry visa requirements as a beneficial step for facilitating official delegations and reinforcing bilateral relationships.

In addressing initiatives in renewable energy, infrastructure development, hospitality, and tourism, the Ambassador noted that these sectors are priorities, with both countries eager to bolster their cooperation. The UAE’s announcement of a 10 billion dollar investment in Pakistan underscores the trust in the nation’s future.

Regarding the Free Trade Agreement (FTA) with Gulf nations, Ambassador Tirmizi expressed optimism about the progress of the GCC-Pakistan FTA, which he believes holds the potential to forge a strong economic partnership and unlock significant opportunities for Pakistan and the GCC. Additionally, he mentioned new initiatives and reforms intended to facilitate services for visitors and applicants at Pakistan’s Embassy and Consulate.