ISLAMABAD: Pakistan and the United Arab Emirates have agreed to foster their bilateral cooperation in trade, investment, energy and other sectors, the Pakistani foreign office said late Friday, amid Pakistan’s efforts to revive its $350 billion economy.
The statement came after Deputy Prime Minister Ishaq Dar’s meeting with his Emirati counterpart Sheikh Abdullah bin Zayed Al-Nahyan in Abu Dhabi, at which the two leaders engaged in discussions to further strengthen Pakistan-UAE fraternal ties.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment valued at over $10 billion in the last 20 years, according to the UAE’s foreign ministry.
Both countries have stepped up efforts in recent years to strengthen their economic relations. In Jan. 2024, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure.
“They explored avenues to enhance bilateral cooperation across key sectors, including trade, investment, energy, defense, and people-to-people connections,” the Pakistani foreign office said, following the meeting between DPM Dar and his Emirati counterpart.
“The two leaders agreed to maintain regular high-level engagements and consultations to further solidify bilateral ties and coordinate on regional and international issues of mutual concern.”
The development comes amid Islamabad’s efforts to forge closer ties, especially in trade and investment, with several Central Asian and Gulf nations as Pakistan treads a tricky path to economic recovery since avoiding a default in June 2023.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions. It is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances for Pakistan.
During the meeting, Dar reaffirmed Pakistan’s commitment to deepening its multifaceted partnership with the Emirates and highlighted the pivotal role of the Pakistani diaspora in the UAE, describing them as a bridge between the two nations.
“In response, Sheikh Abdullah bin Zayed Al-Nahyan reiterated the UAE’s steadfast commitment to strengthening its strategic relationship with Pakistan,” the Pakistani foreign office said.
“He acknowledged Pakistan’s significant contributions to regional stability and expressed appreciation for the positive role played by the Pakistani community in the UAE’s development.”