logo logo

Inking of CEPA with UAE likely

Business Recorder - 07 January 2024

Inking of CEPA with UAE likely

Pakistan and United Arab Emirates (UAE) are likely to sign Comprehensive Economic Partnership Agreement (CEPA) on the lines of FTA with GCC countries, well-informed sources told Business Recorder.

UEA, sources said, has agreed to the revised Bilateral Investment Treaty (BIT) template already agreed with the GCC countries.

Pakistan’s caretaker Minister for Commerce, Industries and Investment Gohar Ijaz held a meeting with his counterpart and discussed different avenues of cooperation.

“Had excellent meeting with the Minister of State for Foreign Trade UAE Dr Thani Ahmed Al Zeyoudi. We decided to work on maximizing bilateral trade and facilitation for UAE in investments in services and logistics sector including infrastructure of ports, logistics, shipping and Aviation,” said Gohar, who is also leading a delegation to Africa.

The discussions focused on maximising bilateral trade volume and identifying promising avenues for UAE’s investment in Pakistan’s service and logistics sectors. These avenues encompass vital areas such as Infrastructure development of ports, logistics hubs, and aviation facilities, Expansion of shipping and cargo services, and investment in modern technologies & services to enhance efficiency.

Both ministers expressed their unwavering commitment to streamlining procedures and creating an environment conducive for UAE investors. They acknowledged the immense potential for collaboration in these sectors, which would not only boost trade but also generate employment opportunities and contribute to the overall economic growth of both countries.

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

This meeting marks a significant step forward in the Pak-UAE economic partnership. By prioritizing investments in infrastructure development, modern technologies, and key service sectors, both nations aim to achieve sustainable growth and strengthen their presence in the global marketplace, he added.

 source: Business Recorder