Pakistan and the UAE are expected to sign Comprehensive Economic Partnership Agreement (Cepa) in fourth quarter that will boost bilayeral trade up to 20 per cent annually, says a top diplomat.

Pakistan’s Ambassador to the UAE Faisal Niaz Tirmizi, who assumed charge in October 2022, said the two countries have made significant progress on Cepa and the formal deal is expected to be signed during the October-December quarter.

“We will share details about Cepa once the agreement is signed. It will be a win-win situation for both the countries and help promote bilateral trade and investment in the years to come,” Tirmizi told Khaleej Times during an interview.

The UAE is one of the major trading partners of Pakistan and its bilateral trade stood firm at $10.6 billion annully. Pakistan is keen to push two-way trade to $40 billion in next 10 years through policy measures to remove trade barriers, rationalise tariff and facilitate traders and investors of both sides.

“Cepa will lay down a solid foundation to build deeper, and more meaningful trade and investment relations with one of the most important economic powers in the Middke East and North Africa region. I’m confident to achieve $15 billion bilateral trade target by 2025,” the ambassador said.

Pakistan exports to the UAE included garments, food items, meat, cereals, agricultural products, fruits and vegetables while it imports oil and petroleum products from the UAE. Both nations are interested to promote bilateral trade relations and increase cooperation in renewable energy, tourism and IT sector.

“We are going to sign a major deal to promote bilateral ties in renewable energy sector. The proposed agreement, which is expected to sign soon, will address energy problems of the country and add contribute significant share of clean energy to the national grid,” Tirmizi said without elaborating.

UNTAPPED SECTORS

Tirmizi, a career diplomat who joined the foreign service in 1993, iterated his strategy to explore untapped sectors such as tourism, fintech, startups, and information technology to strengthen bilsteral trade and investment.

“We recorded $3 billion exports in IT sector last year and has potential to increase manifold in coming years. We have skilled manpower and new start-ups that will strengthen our relations in IT sector,” he said.

“Over 1.7 million Pakistanis residing in the UAE consider the Emirate their second home and vice versa. The close geographical proximity between the two countries gives a great opportunity to work together,” the ambassador said.

He said Pakistanis have been playing a major role in the development of the UAE and they will continue to perform their positive part in future.

“The market dynamics have now been changed and there is no room for unskilled workers in the UAE. We are seriously looking opportunities to export more skilled workforce to the UAE especially in information technology sector,” the ambassador said, adding that a good number of Pakistanis have already been serving in the fields of engineering, aerodynamics and IT in the UAE.

“We need to capitalise on opportunities in IT sector as much as possible. In addition, tourism and renewable energy sectors hold huge potential to promote bilateral trade and investments between the two nations,” he said.

To a question about tourism potential, the ambassador said the UAE can invest in infrastructure development and hospitality sector of Pakistan.

“We have rich natural resources and our northern areas such as Gilgit, Baltistan, Hunza Valley and Skardu have potential to attract international tourists.

“We encourage international tourists to come to Pakistan through the UAE. Emiratis and the expatriates should visit Pakistan and enjoy warm hospitality across the country,” he said.

Tirmizi said Pakistan is also home to holy places of Buddhism and Hinduism and host thousands of pilgrims every year. “We have Indus Valley civilisation that has contributed significantely to the world heritage. We also have Gandhara civilisation, a rich Islamic heritage, and a Sikh heritage that we would like to promote in the UAE,” he said.

In addition to the tourism, the ambassador said there is a room to promote culture, music, and art footprint in the UAE and vice versa.

“We encourage Emiratis as well as other nationalities to visit Pakistan and enjoy the rich diversity, the natural beauty of the country, and most importantly the warmth of our people,” he said.

While appreciating the UAE’s proactive role on climate action, Tirmizi said the Emirate has emerged as a global leader to address environmental issues.

“The UAE has taken a lead in climate change as it is hosting COP28 in November to find practical solutions of the most serious environment challenges. The emirate also has the headquarters of Irena -- an intergovernmental organisation supporting countries in their transition to sustainable energy,” he said.

In reply to a question about Pakistan’s participation in COP28, he said the country will play an important role to make the mega event a success.

“We are sure a highest level of Pakistani delegation would attend the conference and participate in meaningful discussions to find solutions of global environmental issues,” he said.

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