Pakistan congratulates UAE on achieving historic 11.2% increase in foreign trade

A picture taken on on June 18, 2020, shows partial view of the port of Jebel Ali, operated by the Dubai-based giant ports operator DP World, in the southern outskirts of the Gulf emirate of Dubai. (AFP/File)
Short Url
Updated 26 August 2024
Follow

Pakistan congratulates UAE on achieving historic 11.2% increase in foreign trade

  • UAE’s foreign trade reached $379 billion during first half of 2024, reflecting significant rise in non-oil exports
  • Shehbaz Sharif credits UAE president for ensuring Gulf country emerged as a reliable global trading partner 

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif has congratulated United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan for the Gulf country’s achievement of increasing its foreign trade by an impressive 11.2 percent year-on-year during the first half of 2024, noting that it reflects a growing international confidence in its vibrant economy. 

The UAE’s foreign trade reached 1.39 trillion dirhams ($379 billion) during the first half of 2024, official data revealed, reflecting a significant rise in non-oil exports. This totaled 256.4 billion dirhams, up 25 percent from the previous year, according to a statement released by the government. 

Additionally, non-oil exports to the UAE’s top 10 trading partners surged by 33.4 percent, underscoring the country’s growing trade prominence, the Emirates News Agency, also known as WAM, reported on Sunday. 

“I extend my heartfelt congratulations to my brother, His Highness Sheikh Mohamed bin Zayed, on the occasion of the UAE achieving an 11 percent increase in foreign trade, reaching a value of AED 1.39 trillion ($379 billion) during the first half of 2024,” Sharif wrote on social media platform X on Sunday. 

Sharif noted that the UAE has focused on foreign trade as part of its comprehensive economic strategy which has played an effective role in driving industrial growth, enhancing competitiveness and encouraging innovation. 

He credited the UAE president for ensuring the Gulf country emerged as a reliable global trading partner. 

“This impressive economic achievement is attributed to the dynamic leadership of His Highness Mohamed bin Zayed,” Sharif said. “It is a major step forward toward achieving his vision of transforming the UAE into a global trading hub.”

The UAE is Pakistan’s third-largest trading partner after China and the United States. Policymakers in Pakistan consider the Gulf state an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.

The Gulf country is also home to some 1.5 million Pakistani expatriates and the second-largest source of remittances to the South Asian country, after Saudi Arabia.


Pakistan FM discusses regional situation with Saudi counterpart, urges restraint and dialogue

Updated 5 sec ago
Follow

Pakistan FM discusses regional situation with Saudi counterpart, urges restraint and dialogue

  • This is the second time the two foreign ministers have spoken since the Arab Coalition targeted weapon shipments on Yemen’s Mukalla port
  • Saudi Arabia’s foreign ministry has invited factions in south Yemen to hold a dialogue in Riyadh to ‘discuss just solutions to southern cause’

ISLAMABAD: Pakistan’s foreign minister, Ishaq Dar, discussed the regional situation with his Saudi counterpart, Prince Faisal bin Farhan, and called for restraint and dialogue to resolve issues, the Pakistani foreign office said late Friday, amid tensions prevailing over Yemen.

This is the second time the two foreign ministers have spoken this week since the Saudi Arabia-led Coalition to Support Legitimacy in Yemen carried out a “limited” airstrike on Dec. 30, targeting two shipments of smuggled weapons and military equipment sent from the Emirati port of Fujairah to Mukalla in southern Yemen.

A coalition forces spokesperson said the weapons were meant to support the Southern Transitional Council (STC) forces, backed by the United Arab Emirates (UAE), in Yemen’s Hadramaut and Al-Mahra “with the aim of fueling the conflict.” The UAE has since announced withdrawal of its remaining troops from Yemen, rejecting any actions that could threaten the Kingdom or undermine regional stability.

In their telephonic conversation late Friday, the Pakistani and Saudi foreign ministers discussed the latest situation in the region, according to the Pakistani foreign office.

“FM [Dar] stressed that all concerned in the region must avoid any escalatory move and advised to resolve the issues through dialogue and diplomacy for the sake of regional peace and stability,” it added.

Separately, Saudi Arabia’s foreign ministry invited factions in south Yemen to hold a dialogue in Riyadh to “discuss just solutions to the southern cause.”

The ministry statement said the conference in the Saudi capital had been requested by Rashad Al-Alimi, President of the Yemeni Presidential Leadership Council, and the Kingdom urged all factions to participate “to develop a comprehensive vision” that would fulfill the aspirations of the southern people.

Disregarding previous agreements with the Arab Coalition, the STC separatist group launched a sweeping military campaign early in December, seizing the governorates of Hadramaut along the Saudi border and the eastern governorate of Al-Mahra in Yemen’s border with Oman. It also took control of the strategic PetroMasila oilfields, which account for a massive portion of Yemen’s remaining oil wealth.

The advance has raised the spectre of the return of South Yemen, a separate state from 1967 to 1990, while dealing a hammer-blow to slow-moving peace negotiations with Iran-backed Houthi rebels.

Saudi Arabia said the STC action poses a direct threat to the Kingdom’s national security, and regional stability. The Kingdom has reiterated the only way to bring the southern cause to a resolution is through dialogue.

On Thursday, Pakistan’s foreign office expressed solidarity with Saudi Arabia and reaffirmed Islamabad’s commitment to the Kingdom’s security, amid rising tensions in Yemen.

“Pakistan expresses complete solidarity with the Kingdom of Saudi Arabia and reaffirms its commitment to security of the Kingdom,” Pakistani foreign office spokesperson Tahir Andrabi told reporters at a weekly news briefing.

“Pakistan maintains its firm support for the resolution of Yemen issue through dialogue and diplomacy and hopes that Yemen’s people and regional powers work together toward inclusive and enduring settlement of the issue, safeguarding regional stability.”

Pakistan and Saudi Arabia signed a landmark defense pact in September last year, according to which aggression against one country will be treated as an attack against both. The pact signaled a push by both governments to formalize long-standing military ties into a binding security commitment.