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Saturday, April 13, 2024

Pakistan and the UAE working to increase bilateral trade and ties

Pakistan and the UAE have held talks to increase the bilateral trade between the two countries, Sardar Yasir Ilyas Khan the president of ICCI announced

Arab News reported that Pakistan and the United Arab Emirates (UAE) are working to boost bilateral trade ties, increase trade volume, and establish joint ventures between the two nations.

“We want to establish a new economic roadmap with the UAE for enhancing bilateral trade, manufacturing through joint ventures, alliances, and exchange of services,” said the President of the Islamabad Chamber of Commerce and Industry (ICCI), Sardar Yasir Ilyas Khan.

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Sardar Yasir Ilyas had also had a meeting with the UAE’s ambassador to Pakistan, Hamad Obaid Ibrahim Salem Alzaabi. As per Sardar, the main focus of the meeting was finding ways to enhance bilateral trade and enhance the trade between Pakistan and the UAE.

Pakistan and UAE currently have trade volume of $14 billion

Pakistan and the UAE currently have a trading volume of $14 billion, with a great potential for increase. Sardar explained that “Both the countries have potential in multiple things like hospitality, retail, services, and manufacturing. We are working to find the missing areas so that we can fill those gaps to boost bilateral trade.”

It was also further announced that many international brands operating in the UAE would be incentivized to come to Pakistan.

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Earlier, Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, had said that there was “good” potential to enhance trade between Pakistan and UAE. He had added that the Pakistani businesses needed to be more aggressive with the marketing of their products in the UAE. Sharing his views on the matter, he said, “We have got to get into a strategic alliance with UAE so that the Emirates must look to Pakistan for their food security.”

Abdul Razak Dawood noted that Pakistan’s industry is weak in its certifications of halal food items, fruits, and vegetables. “We are pursuing this issue with our exporters, and once they will understand the importance of certification, Pakistani exports will go up, especially in the Gulf market,” Dawood said.

GVS News Desk