ISLAMABAD : Pakistan and United Arab Emirates (UAE) are all set to discuss development of joint strategic trade enhancement plan, long-term deal on urea supply on G2G basis and lifting of ban on visas for Pakistani workers during 12th session of Pak-UAE Joint Ministerial Commission(PUJMC) .
Sources on good authority told NewzShewz that the Joint Ministerial Commission was scheduled in Abu Dhabi(UAE) on October 21, 2024 to be attended by the high level authorities of both countries, the sources added. The issue of settlement of long-awaited millions of dollars from M/s Etisalat will be discussed in detail as all efforts remained fruitless in the past.
Sharing the details, sources said, UAE side will be requested to disseminate Pakistan’s most liberal investment regimes in the region among interested businessmen/ investor for their consideration.
Petroleum Division has proposed establishment of Joint Working Group on petroleum and minerals. PUJMC will discuss avenues of exploration and production opportunities offered by Pakistan Petroleum Limited, cooperation in the field of scientific research hydrocarbon exploration field and technical cooperation. Pakistan will offer investment opportunities in downstream sector i.e. refinery sector/ marketing sector. Early signing of a draft Inter-Governmental Agreement for cooperation in energy sector and opportunities in Pakistan’s upstream petroleum sector is also part of the proposed agenda.
Commerce Ministry has submitted the following proposals ;(i) activation of Joint Business Council;(ii) development of joint strategic trade enhancement plan between both countries ;(iii) participation in major trade fairs of each country ;(iv) entering into a long-term agreement for procurement of urea from UAE on G2G basis between TCP and counterpart UAE agency ; and (v) exchange of information with respect to trade, economic cooperation and services between two countries.
Both sides will also discuss establishment of Joint Working Group (JWG) for cooperation and collaboration in Information and Communication Technology (ICT) and enhancing ICT exports from Pakistan to UAE. Cooperation in artificial intelligence, reaching out to UAE Sovereign Investment Funds, enhancing cooperation between UAE based incubators and private equity firms is also part of proposed agenda.
Ministry of industries and Production has submitted proposals for the UAE to be become strategic partner in the following value added export-oriented industries ;(i) petrochemical sector;- manufacturing of polyethylene (PE) polypropylene (PP), methyl ethylene glycol (MEG) ; (ii) mobile sector;- investment through JV in manufacturing mobile parts and accessories in Pakistan ;(iii) automobile sector;- manufacturing of hi-tech auto parts of engines, transmission, etc. and manufacturing of EVs and lithium-ion batteries.
Pakistan has also submitted the following proposals in finance, banking and taxation ;(i) early finalization of MoU between SBP and Central Bank of UAE on supervisory cooperation ;( ii) UAE side may be requested capacity building of SBP officials on implementation of artificial intelligence ; and (iii) cooperation between EXIM Bank of Pakistan with UAE official export agency enabling Pakistan to explore opportunities for Pakistani export to UAE ;(iv) deliberations on avoidance of Double Taxation Agreement (DTA);(v) deliberation on Exchange of Information on Request (EoIR) ; and (vi) cooperation in tax matters especially in matter relating to Base Erosion & Profit Shifting (BEPS), transfer pricing audit and other international best practices.
UEA side will be requested to sign bilateral agreement for mutual skill recognition with Pakistan and development of online linkages with job portal of Pakistan and lifting of ban for Pakistani workers.
Pakistan has submitted following proposals for cooperation in maritime, consular and visa issues and narcotics control sectors i.e. in Maritime; (i) entrepreneurs from UAE can tap into the demand for modern warehousing and storage facilities, providing solutions for efficient goods management in Gwadar Port;(ii) businesses specializing in technology solutions for supply chain management and real time tracking system, ventures focusing on customs clearing and forwarding services, infrastructure development and trade facilitation stand :(iii) investment in Gwadar Free Zone; (iv) early signing of agreement on cooperation in combating illicit trafficking and abuse of narcotics drugs, psychotropic substances and their precursors ; and (v) sharing of real time intelligence / information related to UAE reports.
In aviation sector, Pakistan will request for grant of expeditious operating authorization to Air Sial for its flights operations to/ from Dubai, Abu Dhabi and Sharjah.
Discussion on agreement on mutual legal assistance in criminal matters and early signing of MoU on cooperation in combating human trafficking between both countries is also on the proposed agenda.
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