Possibility of free trade agreement between Pakistan and UAE soon

The United Arab Emirates is Pakistan's third largest trading partner after China and the United States

Pakistan and UAE are likely to sign a free trade agreement by the end of this month. According to the official media, the Federal Minister of Commerce, Industry and Production, Dr. Gohar Ijaz, has expressed the expectation that the Free Trade Agreement (FTA) will be signed during the visit of the United Arab Emirates delegation in the last week of September, he said. A visit of Emirati delegation is planned at the end of September to finalize the FTA between Pakistan and UAE, this visit is of great importance in terms of trade, investment and economy.

The UAE is reported to be Pakistan's third largest trading partner after China and the US, and is also seen as an ideal export destination due to its geographical proximity to Pakistan, which lowers transport and freight costs. Fewer, the Gulf country is also home to an estimated 1.8 million Pakistani expatriates and is the second-largest source of remittances for the South Asian nation of more than 240 million, after Saudi Arabia.

Faisal Niaz Tirmizi, Pakistan's ambassador to the United Arab Emirates, has said that the two countries are hopeful of signing the agreement, formally known as the Comprehensive Economic Partnership Agreement (CEPA), during the upcoming visit. There are some issues that are being discussed and we would like to finalize the deal during the visit of the delegation. The Pakistani ambassador said that the UAE has already signed FTAs ​​with around 9 countries and is working on them with Pakistan, possibly reducing trade costs by signing an agreement with the UAE. will come which can significantly increase Pakistan's income and revenues.

Our mutual trade has increased by 24% this year since last year and after the agreement our market access for UAE will increase further, Pakistan already has many important trade relations with the emirate and every Pakistani presence in the sector is increasing, be it food, health, pharmaceuticals and tourism.