ISLAMABAD: United Arab Emirates (UAE) and Pakistan are all set to consider different proposals for future cooperation in different fields including economic, trade, avoidance of double taxation, base erosion & profit shifting (BEPS), transfer pricing audit and other international best practices during the 12th session of Pak-UAE Joint Ministerial Commission (JMC) to be held in Abu Dhabi on Monday (today) well informed sources told Business Recorder.
Islamabad has also requested the UAE to lift ban on visas for Pakistani workers and other citizens as this measure is affecting Pakistan’s remittances from the UAE, the sources added.
In aviation sector, Pakistan will request the UAE for grant of expeditious operating authorisation to M/s 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 will also be on the table.
Pakistan has also submitted the following proposals in finance, banking and taxation: (i) early finalisation 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; (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 BEPS, transfer pricing audit and other international best practices.
According to official documents, Petroleum Division, in its proposal has requested for 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 the UAE on G2G basis between TCP and counterpart UAE agency; and (v) exchange of information with respect to trade, economic cooperation and services between the 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 the 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 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.
The UAE 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.
In maritime affairs the following points will come under consideration: (i) entrepreneurs from the UAE can tap into the demand for modern warehousing and storage facilities, providing solutions for efficient goods management in Gwadar Port; (ii) businesses specialising 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; (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.
The sources said that 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.
Copyright Business Recorder, 2024
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