Economic Partnership Agreement nears signing: UAE Ambassador

2026-02-10 - 12:56

Ambassador of the United Arab Emirates Hammad Obaid Ibrahim Salem Al-Zaabi said that Pakistan and the UAE are at the final stage of signing a Comprehensive Economic Partnership Agreement (CEPA). Speaking at the Lahore Chamber of Commerce & Industry on Tuesday, he said that the agreement would significantly boost bilateral trade and remove business obstacles between the two countries. Mr Al-Zaabi said the current trade volume of around 8 to 10 billion dollars does not reflect the true strength of relations and expressed his government’s desire to double this figure as soon as possible. He said that the UAE is rapidly shifting towards an AI-driven and digitised economy where nearly 99 per cent of government services are available online. Referring to the visa process, he said both countries are working to streamline procedures through digital systems. The Ambassador said discussions were underway with the Punjab Skilled Labour Authority to enhance cooperation in skilled workforce mobility. He emphasised that he is personally working at operational and technical levels to ensure that all signed agreements, including CEPA and other trade frameworks, are fully implemented. He said the UAE is expanding investments in Pakistan in key sectors, including infrastructure, ports, aviation, agriculture, minerals and railways. He revealed that discussions with Pakistan’s Railway Ministry are progressing and new agreements related to supply chain connectivity from northern regions to Karachi, including the possibility of a dry port, would be announced soon. He added that the Joint Business Council of the two countries is being activated, and efforts are underway to hold its meeting at the earliest to enhance institutional cooperation. Highlighting the UAE’s focus on IT, digital banking and innovation, he invited the LCCI to share a comprehensive document outlining challenges and investment opportunities. He assured that the UAE Embassy would seriously consider recommendations from the business community and extend full facilitation to investors from both sides. He reiterated that the Embassy remains fully accessible for business support and said special consideration would be given to visa recommendations forwarded by LCCI. He said the UAE values its historic ties with Pakistan and acknowledged the major contribution of the Pakistani community to the UAE’s development, particularly in aviation and finance. He noted that the UAE economy has successfully diversified, reducing oil dependence to below 25 per cent, and is pursuing ambitious export targets under its national vision. LCCI President Faheem Ur Rehman Saigol highlighted vast untapped potential for cooperation in renewable energy, agriculture and food processing, IT, logistics, construction, tourism, healthcare and mining. He proposed establishing dedicated display centres for Pakistani products in the UAE to utilise its status as a global re-export hub and called for stronger collaboration through trade delegations, B2B meetings and joint ventures. He expressed a desire to work closely with the UAE Embassy to build sustainable business partnerships and open new avenues of economic cooperation between the two friendly countries. Pakistan loses 1% of GDP annually to climate-related damages