Pakistan is the number 41 economy in the world (current US dollars), the number 65 economy in terms of exports, the number 49 economy in terms of imports, the 172 economy in terms of GDP per capita (current US$), and the 93 most complex economy in the world. Pakistan’s top diplomat in the UAE stated on Wednesday that bilateral trade between the two countries will double from US$10.6 billion in 2021-2022 to US$16 billion in 2023-2024.
Pakistan’s trade volume in the Middle East and North Africa (MENA) region reached $10.6 billion last calendar year. “There’s much more potential there.”. In an interview with Emirates News Agency, Pakistan Ambassador to the UAE Faisal Niaz Tirmizi explained that his country’s political leadership has assigned him the task of increasing trade, promoting business opportunities, and investment between Pakistan and the UAE. Pakistan and the UAE enjoy historic relations, according to the ambassador. The first country to send an ambassador to the UAE was Pakistan six months before it was formed.
Were sent before then, Tirmizi said. There is a strong sense of belonging between Pakistanis and the UAE. It is geographically convenient for the two countries to collaborate,” he continued. In 2020-2021, Pakistanis remitted $6.11 billion to the UAE from their residence in the UAE. Hopefully, Pakistan will have made significant progress on the Comprehensive Economic Partnership Agreement (CEPA) with the UAE by the end of the year, as confirmed by the Ambassador. As of 2021-2022, Pakistan’s top diplomat in the UAE said that bilateral trade between Pakistan and the United Arab Emirates will double to US$10.6 billion.
Which was the highest volume Pakistan has ever recorded in the Middle East and North Africa (MENA) region. “There is a lot more potential here. In an interview with Emirates News Agency, Pakistan Ambassador to the UAE Faisal Niaz Tirmizi told Emirates News Agency that his country’s political leadership had assigned him the responsibility of increasing trade, promoting business opportunities and investment, and elevating cultural exchange between Pakistan and the UAE.
According to the Ambassador. In fact, Pakistan was the first country to send an ambassador before the United Arab Emirates even existed.
Tirmizi said his economic, agriculture, and defense advisors had been dispatched long before that. In the UAE, Pakistanis consider their second home, and in the UAE, Pakistanis consider their second home. Due to their close geographical proximity, both countries have a great opportunity to collaborate.
A total of $6.11 billion in remittances were sent by Pakistanis residing in the UAE during the period of 2020-2021. Around 1.6 million Pakistanis reside in the UAE. By the end of the year, Pakistan hopes to have significant progress on negotiations of the Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
We will be able to make significant progress on this agreement before 2023, the Ministry of Commerce of Pakistan is in touch with the UAE authorities.” In the MENA region, the UAE is Pakistan’s largest trading partner, he said, adding that the CEPA would enable the two countries to vastly increase bilateral trade. Three sectors can further enhance Pakistan-UAE collaboration, namely Fintech, IT, and Startups. A total of US$3 billion was exported in these sectors last year.
We have a number of new startups. This is something I will be paying close attention to, since I believe the UAE and Pakistan have tremendous opportunities to further collaborate.” He thanked President Sheikh Mohamed bin Zayed Al Nahyan, for his noble gestures, for providing humanitarian relief to flood-affected areas in Pakistan. Humanitarian aid was transported by air to those affected by the unprecedented flooding in the UAE. According to him, more than 70 flights have carried relief items. Those who were affected by the floods were very grateful for this. As a host of COP28 in November 2023, and as the headquarters of IRENA, an intergovernmental organization that helps countries transition to sustainable energy, the UAE has taken a lead on climate change.
In international trade, capital, goods, and services are imported and exported across international borders. This trade affects the world economy in a large way, determining the demand, supply, and prices of goods. It helps balance the surplus and scarcity of a good or service in a country by taking into consideration the political and economic structures of the different countries. Nations trade products of all kinds, including those that are perishable. Understanding macroeconomics, international politics, and WTO objectives and functions is essential to understanding international trade. There are UAE assignment writers who possess extensive knowledge in the subject of international trade. As well as providing International Trade Assignment helpers in UAE, they can also clear all the students’ doubts.
For employment and development, as well as inflows and outflows of foreign direct investment. A country can expand its market in this way, and get the necessary benefits when it comes to goods and services that it cannot produce efficiently. The item can be easily obtained by trading with another country. They become more competitive in the international market as a result of developing their own markets. Often, students studying economics are given assignments on international trade to test their knowledge of the subject. Students who have difficulty understanding their assignments and are unable to prepare them according to university guidelines receive international trade assignment essay help from Assignment writers UAE. They are Ph.D. holders and are familiar with university guidelines and referencing styles.