ISLAMABAD: Pakistan and the United Arab Emirates on Thursday agreed to enhance bilateral trade volume while pointing out that the import-export figures of the last fiscal year did not match the actual trade potential between the two countries.
The UAE is Pakistan’s third-largest trade partner after China and the United States. It is also viewed as an ideal export destination by the policymakers in the South Asian country to its geographical proximity which reduces the transportation and freight costs and facilitates commercial exchanges.
Currently, Pakistan’s principal exports to the UAE consist of textile products and various food items.
Discussing the bilateral trade relations between the two states, federal minister for commerce Syed Naveed Qamar said in a meeting with UAE ambassador Hamad Obaid Ibrahim Salem Al-Zaabi the two countries could possibly cooperate in several areas to strengthen commercial relations.
“[The minister] highlighted that there was huge potential for cooperation between the two countries in the field of renewable energy, agriculture, textiles, meat of bovine animals, petroleum oils, and hospitality sectors,” said the statement.
Citing the figures from the last fiscal year, Qamar said the trade volume between the two countries was slightly more than $10 billion, out of which exports to the UAE were around $1.37 billion and imports were close to $8.66 billion.
“[The figures from last year] do not match the actual potential of both countries and need to be increased,” the statement quoted the Pakistani minister as saying.
The UAE envoy also agreed with Qamar, saying the two countries could make their relations more resilient by enhancing bilateral trade.