Pakistan And The UAE To Promote Bilateral Trade In Renewable Energy Sector

As per official resources, Pakistan and the UAE are expected to sign a Comprehensive Economic Partnership Agreement to promote bilateral trade in the renewable energy sector.

In a display of steadfast commitment to mutual advancement, Pakistan and the United Arab Emirates (UAE) have embarked on a journey of productive collaboration that promises to yield substantial benefits for both nations. The longstanding partnership between these two nations has taken on renewed vigor, focusing on fostering socio-economic growth and regional stability.

Pakistan and UAE will soon be in a contract to encourage and promote the renewable energy sector by boosting bilateral trade by 20% per annum. The accord is expected to be signed during the October-December quarter.

Faisal Niaz Tirmizi, who Pakistan's Ambassador to the UAE, stated that;

"We will share details about Cepa once the agreement is signed. It will be a win-win situation for both the countries and help promote bilateral trade and investment in the years to come."

He also stated that;

"Cepa will lay down a solid foundation to build deeper, and more meaningful trade and investment relations with one of the most important economic powers in the Middle East and North Africa region. I'm confident that I will achieve a $15 billion bilateral trade target by 2025. We are going to sign a major deal to promote bilateral ties in the renewable energy sector. The proposed agreement, which is expected to be signed soon, will address energy problems of the country and contribute a significant share of clean energy to the national grid." 

Tirmizi suggested exploring untapped sectors such as tourism, fintech, startups, and information technology to strengthen bilateral trade and investment.

Also Read: UAE-Pakistan Collaboration. A New Deal to Explore Green Energy Projects

Tirmizi underscored the following points;

"We recorded $3 billion exports in the IT sector last year and have potential to increase manifold in coming years. We have skilled manpower and new start-ups that will strengthen our relations in the IT sector," he said.

"Over 1.7 million Pakistanis residing in the UAE consider the Emirate their second home and vice versa. The close geographical proximity between the two countries gives a great opportunity to work together."

"The market dynamics have now been changed and there is no room for unskilled workers in the UAE. We are seriously looking for opportunities to export more skilled workforce to the UAE, especially in the information technology sector." 

He emphasized capitalizing on IT, Tourism, and Renewable Energy sectors;

"We need to capitalize on opportunities in the IT sector as much as possible. In addition, tourism and renewable energy sectors hold huge potential to promote bilateral trade and investments between the two nations. We have rich natural resources and our northern areas such as Gilgit, Baltistan, Hunza Valley and Skardu have potential to attract international tourists."

On global warming and renewable energy, his remarks are as follows;

"The UAE has taken a lead in climate change as it is hosting COP28 in November to find practical solutions to the most serious environmental challenges. The emirate also has the headquarters of Irena -- an intergovernmental organization supporting countries in their transition to sustainable energy."

"We are sure a highest level of Pakistani delegation would attend the conference and participate in meaningful discussions to find solutions of global environmental issues," he said.

Tirmizi also highlighted the diverse culture preservation in Pakistan and how Emiratis and other nationals can experience the rich cultural diversity in Pakistan.

The UAE, a key trading ally of Pakistan, maintains a solid annual bilateral trade of $10.6 billion. Pakistan aims to escalate this two-way trade to $40 billion over the next decade. Strategic policy actions will be undertaken to achieve this, including eliminating trade obstacles, tariff adjustments, and improved facilitation for traders and investors from both nations.

Also Read: Wapda & UAE Group Join Hands to Overcome Energy Crisis in Pakistan