KARACHI: The trading and business leaders have urged the government to enter into a currency swap agreement with UAE, considering the recent agreement reached between India and UAE.
Terming it as a matter of great significance, the business leaders have requested the government to investigate this problem and cautioned them this currency swap agreement between India and UAE could open new trade avenues between the two nations, reported Dawn.
They demanded a similar arrangement or agreement be signed with UAE to counter the negative influence the agreement with India could have on Pakistan’s bilateral trade with UAE.
Yakqoob Karim, President Lasbela Chamber of Commerce and Industry said this agreement between India & UAE would greatly boost the business community of both nations.
Mr. Karim shared trade between UAE and India had passed over $55 billion, with a target of $100 billion set for 2025, which would be attainable thanks to the currency swap agreement now in place.
Naqi Bari, Chairman Pakistan Bedwear Exporters Association (PBEA) shared currently bilateral trade figure between Pakistan and UAE is around $8.4 billion and registered a rise of 9.4 percent during 2016-17.
He added regrettably Pakistan’s exports to UAE stood at $1.75 billion currently, which constitutes only 7 percent of the country’s overall exports.
Mr. Bari said UAE’s exports to Pakistan are currently positioned at $7.3 billion with oil and gold among the top list of products being imported by the latter.
PBEA Chairman said signing a currency swap agreement would immensely benefit businesses of both nations and permit it to override any other foreign currency, as both UAE and India would be trading directly in AED and Indian rupee.
Pakistan Apparel Forum, Chairman Jawed Bilwani stated this agreement will result in huge savings for the business communities of both countries, which will take trade levels soaring to record levels.
He added this agreement was between the central banks of India and UAE.
