Pakistan Seeks to Deepen Economic Ties with Strategic Partner UAE for Financial Stability

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Pakistan's new Foreign Minister Ishaq Dar spoke with his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan over the phone on Friday. According to Dar's social media post, he looks forward to working closely with the UAE to transform bilateral relations into a mutually beneficial economic partnership. Under the new Pakistan government led by Prime Minister Shehbaz Sharif, Dar has been tasked with the important portfolio of foreign affairs minister. He aims to strengthen ties with important economic partners like the UAE. 


The UAE is currently Pakistan's largest trading partner in the Middle East and North Africa region. Two-way trade between the countries was over $10.6 billion in 2021-22, registering a 25.4% increase from the previous year. Major traded items include food and textiles from Pakistan to the UAE. In January 2023, as Pakistan was facing a severe economic crisis, the UAE pledged an additional $1 billion loan and agreed to roll over $2 billion in existing loans. This underscores the strategic importance of the UAE in helping Pakistan overcome its financial difficulties.


By working closely with the UAE, Dar hopes to transform Pakistan-UAE relations into a mutually beneficial economic partnership. This would allow both countries to increase bilateral cooperation across diverse sectors like trade, investment and energy. Stronger economic engagement with Gulf allies like the UAE can help boost Pakistan's fragile economy and provide much needed financial stability at a challenging time.

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