Pakistan, UAE agree to enhance trade ties

By Islamuddin Sajid

ISLAMABAD, Pakistan (AA) - Pakistan and the UAE on Sunday decided to form a Task Force to deal with matters related to trade enhancement between both countries, a statement said.

The decision has made in Islamabad during a delegation-level meeting led by Pakistani Prime Minister Imran Khan and Sheikh Mohamed bin Zayed Al Nahyan, the crown prince of Abu Dhabi.

The crown prince, accompanied by a high-level delegation, arrived on a day-long official visit to Islamabad on Sunday morning at the invitation of Khan.

"The two leaders underscored the importance of effectively pursuing the various initiatives taken for strengthened strategic bilateral economic relationship including working on a long term investment framework agreement" said a statement issued by the Prime Minister House.

According to the statement, the two sides also expressed satisfaction at the on-going defense and security cooperation and agreed to explore further collaboration in the area of training, joint exercise and defense production.

During the meeting, Khan thanked the crown prince for the generous Balance of Payment support of $3 billion to his country.

On Dec. 21, UAE announced that the country will deposit $3 billion in the State Bank of Pakistan to support the country's financial and to enhance liquidity and monetary reserves of foreign currencies.

"This financial support shows the UAE's continued commitment and friendship has remained steadfast over the year," Khan told the Crown Prince.

The prime minister also welcomed the UAE's interest in investing in Pakistan's oil and gas, logistic and construction sectors.

Khan briefed the crown price about the efforts Pakistan was making to support and facilitate the Afghan owned and Afghan-led reconciliation process.

The two leaders agreed to work closely for the lasting peace and stability in Afghanistan.