Pakistan and the United Arab Emirates (UAE) have agreed to begin negotiations for greater economic cooperation in the coming years in order to achieve a Free Trade Agreement (FTA).
This was discussed during a meeting on Tuesday in Islamabad between the UAE Ambassador to Pakistan, Hamad Obaid Ibrahim, and the Federal Minister for Energy, Hammad Azhar.
The minister welcomed the UAE government’s desire to reach a comprehensive economic agreement with Pakistan along the lines of a free trade agreement (FTA) and pledged his full support for this positive development in the historic UAE-Pakistan bilateral relations.
Such an agreement will not only pave the way for government-to-government (G2G) initiatives, but will also contribute to the creation of a favorable environment for the business community.
The ambassador praised Pakistan’s efforts in hosting the Australian cricket team for the first time in 24 years. He also offered his best wishes for the upcoming conference of the Organisation of Islamic Cooperation (OIC) in Islamabad.
The minister praised both countries’ long-standing ties and reaffirmed the government’s commitment to further deepen them. He went on to say that Prime Minister Imran Khan’s planned visit to the UAE is crucial.
The ambassador indicated great expectations for this trip, including the signing of major memorandums of understanding (MoUs) and agreements.
Both parties also discussed the current geopolitical situation and the global market’s growing oil costs.
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