Pakistan and the United Arab Emirates were likely to sign the Comprehensive Economic Partnership Agreement (CEPA), which would enable the South Asian country to expand its exports, on the lines of FTA with GCC countries, Business Recorder reported.

Sources told the news outlet that the UEA has agreed to the revised Bilateral Investment Treaty template already agreed with the GCC countries.

CEPAs are part of the UAE’s goal to strengthen international ties with countries around the world as the Gulf country plans to build its position as a global trade and logistics hub. The UAE signed its first bilateral trade agreement with India on February 18, 2022, that was in pursuit of the UAE’s Projects of the 50.

On Saturday, caretaker Commerce Minister Gohar Ijaz met with UAE Trade Minister Thani Al Zeyoudi to discuss bilateral trade.

“We agreed to prioritize maximizing bilateral trade & facilitating UAE investments in services & logistics, including ports, infrastructure, shipping & aviation,” the interim minister said in a post on X.

Gohar, also leading a delegation to Africa, described it as a “promising step towards deeper” economic ties.

The discussions also focused on identifying avenues for UAE investment in Pakistan’s service and logistics sectors. Such avenues include infrastructure development of ports, logistics hubs, and aviation facilities, expansion of shipping and cargo services, and investment in modern technologies & services to enhance efficiency, according to the report.

They vowed to streamline procedures and create a conducive environment for investors. The two ministers acknowledged the potential for collaboration in above mentioned sectors.

Also, read this

UAE to invest up to $25b in Pakistan

Abu Dhabi Ports deal: Did Pakistan yield complete control of Karachi Port to foreign operators?

What are the benefits of UAE residence visa and how to apply for it?

“We are excited about the opportunities that lie ahead with this renewed focus on economic cooperation with the UAE,” Gohar said and added that the shared vision paves the way for mutually beneficial investments and trade initiatives.

In 2022, the president stressed the need for early finalisation of CEPA with the UAE to enable Pakistan to increase its exports. Arif Alvi had also called for exploring new avenues in economic diplomacy and investments with the UAE.

“Bilateral trade between Pakistan and UAE could be further increased from its current level of $10.6 billion to make it commensurate with our excellent relations and close geographic proximity,” he said in his while talking to Pakistan’s Ambassador-designate to UAE Faisal Niaz Tirmizi, who called on him, on October 17, 202.