Pakistan, UAE to finalise CEPA soon

Inayat-ur-Rahman, Business Editor

Dubai: Pakistan and UAE enjoy historic relations as both countries are on course to finalise procedures related to their Comprehensive Economic Partnership Agreement (CEPA) soon.

This was stated by Pakistan Ambassador to the UAE Faisal Niaz Tirmizi at the ‘Guest in Town’ programme hosted by Pakistan Journalist Forum (PJF) at the Pakistan Association Dubai.

The event was attended by Press Counsellor, Shazia Siraj, Tahir Munir Tahir, President PJF, Sadia Abbasi, Senior Vice-President PJF, Muzaffar Rizvi, Vice President PJF, executive body members of PJF and over a dozen of Pakistani senior journalists based in the UAE.

The Ambassador confirmed that Pakistan has started negotiations on the Comprehensive Economic Partnership Agreement (CEPA) with the UAE and hoped to have significant progress with in few months.

“Yes, we are working on this, it is very important. The ministry of commerce of Pakistan is in touch with the relevant authorities in the UAE and hopefully, we will make some significant progress on this agreement before 2023.

Tirmizi mentioned that the UAE is the biggest trading partner of Pakistan in the Mena region, he said, adding that CEPA would provide an opportunity for the two countries to increase their bilateral trade many folds.

“The bilateral trade between Pakistan and the United Arab Emirates is expected to grow double from the US$10.6 billion volume achieved in 2021-2022,” he added.

“The last calendar year recorded a US$10.6 billion in trade “the highest volume Pakistan had in the Middle East and North Africa (MENA) region”.

“Pakistanis consider the UAE their second home and vice versa. The close geographical proximity between the two countries gives a great opportunity to work together,” he further stated.

The ambassador said that the UAE has taken a lead in climate change as it is hosting COP28 in November 2023, and has the headquarters of IRENA, which is an intergovernmental organisation supporting countries in their transition to sustainable energy.

“Climate change is something that is really impacting the lives and livelihood of so many people,” he noted, adding that Pakistan is only contributing less than 1 percent to global greenhouse gas emissions and is one of the most vulnerable countries to the impacts of climate change.”

Responding to a question regarding Pakistan's participation in COP28 in Dubai, the Ambassador noted that definitely a highest level of Pakistani delegation would attend the mega event.