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Baner Club > Blog > Business > Pakistan is prepared to turn relations with the UAE into a profitable business alliance: FM
BusinessEcnomics

Pakistan is prepared to turn relations with the UAE into a profitable business alliance: FM

Last updated: 2024/03/18 at 11:50 AM
Published March 18, 2024
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Foreign Minister Ishaq Dar received a congratulatory phone call from his UAE colleague, Sheikh Abdullah bin Zayed Al Nahyan, on Friday.

During the conversation, the two foreign ministers discussed the two nations’ ongoing multi-tiered cooperation, FM Dar said on his X timeline.

“I look forward to working closely with His Highness in transforming the bilateral relations with the UAE into a mutually beneficial economic partnership,” he said in a statement.

Following the formation of the new government, Ishaq Dar was appointed to the federal cabinet led by Prime Minister Shehbaz Sharif on March 11, with the portfolio of foreign affairs minister assigned to the senior politician.

Dar was a member of the Senate from 2003 until 2022.

Dar was a member of the Senate from 2003 until 2022. He previously served as finance minister from 1998 to 1999, and secondly from March to May 2008.

Dar chaired the finance ministry again from 2013 to 2017, followed by 2022 to 2023. He also served as Minister of Industry and Investment from February 1997 to July 1997, and Commerce from December 1997 to October 1999. Dar previously served as the Senate’s Leader of Opposition from March 2012 until June 2013.

In January 2023, the UAE committed an additional $1 billion loan to Pakistan, which is dealing with a severe economic crisis, and agreed to roll over an existing $2 billion credit.The UAE is also Pakistan’s largest economic partner in the Middle East and North Africa (MENA) area, with an average yearly trade of $8 billion, with food and textiles being important exports to the Gulf nation, while bilateral trade volume increased by 25.4% in 2021–22, totaling $10.6 billion.

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