Signing of FTA with UAE likely this month

[Edevelop]

ISLAMABAD: Pakistan was expected to sign a free trade agreement (FTA) with the United Arab Emirates (UAE) during the upcoming visit of an Emirati delegation in the last week of this month, caretaker Commerce Minister Dr Gohar Ejaz announced on Sunday.

The UAE is Pakistan's third-largest trade partner after China and the United States. The Gulf country is also home to an estimated 1.8 million Pakistani expatriates and hence the second-largest source of remittances of more than E240 million after Saudi Arabia.

The UAE is also viewed as an ideal export destination by policymakers in Pakistan mainly because of its geographical proximity to the country which reduced transportation and freight costs. Ejaz said that the UAE delegation’s visit would be focused on trade, investment, and economy.

"An Emirates delegation is planned for end September to finalise the FTA," an Arab News report quoted Ejaz as saying.

The report added that the UAE had already signed FTAs with around nine countries and was working with Pakistan on it.

Pakistan's Ambassador to UAE, Faisal Niaz Tirmizi, told Arab News that both the countries were optimistic about signing the agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA), during the upcoming visit.

"There are some issues which are being negotiated and we would like to finalise the deal when they come," Tirmizi said. "A successful signing of the CEPA will potentially reduce trade tariffs that could significantly enhance Pakistan's income and revenue," Tirmizi added.

“Our bilateral trade has increased by 24% since last year. After CEPA our market access will increase here for the UAE. There are already many significant trade events which we attended and Pakistani presence is increasing in every sector be it food, health food, pharmaceuticals, and tourism," he said.

Signing of FTA with UAE likely this month | The Express Tribune

Commerce minister says high-level Emarati delegation to discuss trade, investment during visit

tribune.com.pk

 

[Jango]

What do we export to UAE?

 

[A Voice of Reason]

What do we export to UAE?

Mainly rice, bovine carcasses and half carcasses, men's/boys' cotton ensembles, guavas, and mangoes.

Of course, as an aside, in practice, depending on the exact FTAs you sign, you are also FTAing with all the other countries with which that country has FTAs.

 

[SaadH]

What do we export to UAE?

Irrelevant...

The main purpose behind the FTA is the unrestricted dumping of Indian products into Pakistani market through Dubai. It's already been happening for a number of years, but now it will be with full gusto and part of the overall concession/appeasement/surrender package sepoys have submitted to vis-a-vis their regional hindutva bosses...

 

[SD 10]

here comes another route of smugling..... fta is useless for pakistan!

 

[PK784]

ISLAMABAD: Pakistan was expected to sign a free trade agreement (FTA) with the United Arab Emirates (UAE) during the upcoming visit of an Emirati delegation in the last week of this month, caretaker Commerce Minister Dr Gohar Ejaz announced on Sunday.

The UAE is Pakistan's third-largest trade partner after China and the United States. The Gulf country is also home to an estimated 1.8 million Pakistani expatriates and hence the second-largest source of remittances of more than E240 million after Saudi Arabia.

The UAE is also viewed as an ideal export destination by policymakers in Pakistan mainly because of its geographical proximity to the country which reduced transportation and freight costs. Ejaz said that the UAE delegation’s visit would be focused on trade, investment, and economy.

"An Emirates delegation is planned for end September to finalise the FTA," an Arab News report quoted Ejaz as saying.

The report added that the UAE had already signed FTAs with around nine countries and was working with Pakistan on it.

Pakistan's Ambassador to UAE, Faisal Niaz Tirmizi, told Arab News that both the countries were optimistic about signing the agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA), during the upcoming visit.

"There are some issues which are being negotiated and we would like to finalise the deal when they come," Tirmizi said. "A successful signing of the CEPA will potentially reduce trade tariffs that could significantly enhance Pakistan's income and revenue," Tirmizi added.

“Our bilateral trade has increased by 24% since last year. After CEPA our market access will increase here for the UAE. There are already many significant trade events which we attended and Pakistani presence is increasing in every sector be it food, health food, pharmaceuticals, and tourism," he said.

Signing of FTA with UAE likely this month | The Express Tribune

Commerce minister says high-level Emarati delegation to discuss trade, investment during visit

tribune.com.pk

Obviously this is just PR as UAE had visted India for G20. The weather was too bad for MBZ to come to Islamabad in January and never bothered to re-schedule.

UAE President postpones official trip to Pakistan due to weather conditions

UAE President Sheikh Mohamed bin Zayed postponed his visit to Pakistan due to weather conditions in the country, the Emirates News Agency (WAM) reported on

english.alarabiya.net

 

[indushek]

Mainly rice, bovine carcasses and half carcasses, men's/boys' cotton ensembles, guavas, and mangoes.

Of course, as an aside, in practice, depending on the exact FTAs you sign, you are also FTAing with all the other countries with which that country has FTAs.

So does signing a FTA mean that, taxes will reduce or something?

Lot more Indian products might get imported perhaps

 

[PakFactor]

What do we export to UAE?

Hopes, dreams, and tasbees.

 

[HerbertPervert]

FTA with China was an economic disaster for Pakistan. Pakistan exports fruits, nuts, and maybe meat to China. Everything else they don't need. FTA with UAE will be bad too. It's going to drive up imports and worsen CAD. It will also enable Indian goods to enter Pakistan

FTA are for two countries with different comparative advantages to offer to each other. Not for a bankrupt country to import from an economic powerhouse. When you have nothing to offer, don't embarrass yourself showing up.

 

[SD 10]

FTA with China was an economic disaster for Pakistan. Pakistan exports fruits, nuts, and maybe meat to China. Everything else they don't need. FTA with UAE will be bad too. It's going to drive up imports and worsen CAD. It will also enable Indian goods to enter Pakistan

FTA are for two countries with different comparative advantages to offer to each other. Not for a bankrupt country to import from an economic powerhouse. When you have nothing to offer, don't embarrass yourself showing up.

yeah Pakistan shouldnt eb doing any fta with anyone. we are literally at the bottom!

 

[Clutch]

What do we export to UAE?

Humans slaves.

 

[A Voice of Reason]

So does signing a FTA mean that, taxes will reduce or something?

Lot more Indian products might get imported perhaps

Depends on the terms of the FTA. I'm under the impression that FTAs do not necessarily have to include every goods and service known to mankind. However yes, potentially if India can export to the UAE and then back to Pakistan still cheaper than Pakistan can produce (whether due to Pak inefficiencies, Indian subsidies or whatever) then Pakistan might well have a problem.

Consider the potential however of a greatly increased market. Especially if the India-Middle East-Europe trade corridor ever gets off the ground. Has the Pakistani economy really done so well with the protectionist policies to date?

 

[Vikramaditya-I]

It is good, right now you can't import directly from India without losing face. Now you can import essentials through Dubai port with extra cost of shipping which is not too much. You also need to control the inflation or your country will go the Venezuela or Sri Lanka way with hyperinflation. We have cheaper raw materials and your source of imports are far away. You are paying extra to get raw materials for your industries driving down profit.

 

[Jango]

FTA with China was an economic disaster for Pakistan. Pakistan exports fruits, nuts, and maybe meat to China. Everything else they don't need. FTA with UAE will be bad too. It's going to drive up imports and worsen CAD. It will also enable Indian goods to enter Pakistan

FTA are for two countries with different comparative advantages to offer to each other. Not for a bankrupt country to import from an economic powerhouse. When you have nothing to offer, don't embarrass yourself showing up.

We don't have much to import from UAE except petroleum products do we?

Irrelevant...

The main purpose behind the FTA is the unrestricted dumping of Indian products into Pakistani market through Dubai. It's already been happening for a number of years, but now it will be with full gusto and part of the overall concession/appeasement/surrender package sepoys have submitted to vis-a-vis their regional hindutva bosses...

What do we get from that? I mean those who made the deal. How do they benefit?

We already are a dump for Chinese products.

 

[CallSignMaverick]

Good for Indian exports to Pakistan