According to sources, the United Arab Emirates (UAE) is poised to sign a trade agreement using the revised Bilateral Investment Treaty template, which has already been accepted by the Gulf Cooperation Council (GCC) countries.
Comprehensive Economic Partnership Agreements (CEPAs) are part of the UAE’s strategy to enhance international relations globally. The UAE aims to establish itself as a significant global trade and logistics hub. Notably, the UAE previously signed its inaugural bilateral trade agreement with India on February 18, 2022, aligning with the UAE’s Projects of the 50 initiative.
In recent developments, caretaker Commerce Minister Gohar Ijaz held discussions with UAE Trade Minister Thani Al Zeyoudi on Saturday to explore bilateral trade opportunities.
“We agreed to prioritize maximizing bilateral trade & facilitating UAE investments in services & logistics, including ports, infrastructure, shipping & aviation,” mentioned the interim minister in a post on social media platform X.
Gohar, leading a delegation to Africa, hailed the discussions as a “promising step towards deeper” economic ties.
The talks specifically centered on identifying potential areas for UAE investment in Pakistan’s service and logistics sectors. These areas encompass infrastructure development for ports, logistics hubs, and aviation facilities, along with the expansion of shipping and cargo services. Moreover, discussions included investments in modern technologies and services to enhance overall efficiency, as outlined in the report.
Both ministers expressed their commitment to streamline procedures and create a conducive environment for investors. They recognized the substantial potential for collaboration in the aforementioned sectors, aiming to foster stronger economic ties between the UAE and Pakistan.