Pak-UAE JMC Meeting Today to Explore Strengthening Ties

United Arab Emirates (UAE) and Pakistan are ready to discuss various proposals for future cooperation in different areas including economy, trade, prevention of double taxation, base erosion and profit shifting (BEPS), transfer pricing audit and other international best practices at the 12th session of Pak-UAE Joint Ministerial Commission (JMC) to be held in Abu Dhabi on Monday (today), informed sources told Business Recorder.

It has also asked the UAE to lift the visa ban on Pakistani workers and other citizens, as this measure affects Pakistan’s remittances from the UAE, the sources added.

Talks on the agreement on mutual legal assistance in criminal matters and the early signing of a memorandum of understanding on cooperation in the fight against human trafficking between the two countries will also be on the agenda.

In addition, Pakistan has submitted the following proposals in the areas of finance, banking and taxation: (i) early finalisation of the MoU between the SBP and the UAE Central Bank on supervisory cooperation; (ii) possibility of requesting the UAE to enhance the capacity of SBP officials in the implementation of artificial intelligence; (iii) cooperation in the area of financial services; and (iv) the establishment of a joint venture between the SBP and the UAE Central Bank.

Official documents state that the Petroleum Division, in its proposal, has called for the establishment of a Joint Working Group on Petroleum and Minerals. The PUJMC will examine exploration and production opportunities offered by Pakistan Petroleum Limited, cooperation in the field of scientific research on hydrocarbon exploration and technical cooperation. 

The two sides will also discuss the establishment of a Joint Working Group (JWG) for cooperation and collaboration in the field of Information and Communication Technology (ICT) and increasing ICT exports from Pakistan to the UAE. Cooperation in the field of artificial intelligence, opening up to UAE sovereign wealth funds, enhancing cooperation between UAE-based incubators and private equity firms are also part of the proposed agenda.

With regards to maritime business, the following points will be discussed: (i) UAE entrepreneurs can tap into the demand for modern warehousing and storage facilities, providing solutions for efficient cargo management in the Port of Gwadar; (ii) companies specialising in technology solutions for supply chain management and real-time tracking systems, companies focussing on shipping and logistics services, as well as the UAE, will be invited to participate.

According to the sources, the issue of settling the long-awaited millions of dollars from M/s Etisalat will be discussed in detail as all efforts have been unsuccessful in the past.