UAE Becomes Pakistan’s Largest Trading Partner in MENA Region

PRESS RELEASE: Chairman of the Pakistan – UAE Business Council, Fakhruddin Diwan, has stressed that a long-term economic engagement with UAE can greatly benefit Pakistan in coping with ever-lasting foreign exchange crisis; non-existent economic growth; diversifying exports basket and enhancing workers remittances.

It is pertinent to note that the volume of bilateral trade of Pakistan and UAE has well-surpassed the psychological mark of $10 billion in FY22 – which makes UAE Pakistan’s largest trading partner in the entire Middle-East & North Africa Region (MENA); which consists of 21 countries.

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However, the trade balance is in UAE’s favor by a significant margin. Therefore, we need to engage UAE to invest in Pakistan through joint ventures; industrial collaborations; solar energy projects; corporate farming & food processing; IT & ITeS and petrochemicals.

Fakhruddin Diwan explained that given the world-class and state-of-the-art communications infrastructure of UAE, Pakistan should work towards integrating UAE into CPEC through creating bridges with their ports, shipping, trade, financial, tourism and commercial networks.

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Additionally, Pakistan’s workers remittances from UAE stand at $6.11 billion. Pair that with UAE’s numerous loans and grants to shore up Pakistan’s foreign exchange reserves (FER) held by the State Bank of Pakistan on various crunch times over the last 3 decades, UAE is effectively one of the most trusted and indispensable economic partners of Pakistan.

Fakhruddin Diwan maintained that UAE can play the role of a catalyst to help Pakistan sign free trade agreement (FTA) with GCC countries and it will be a great favor in terms of transforming Pakistan into a self-sufficient country.

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