Pakistan Accelerates De-Dependency, Seeking New Markets Beyond the Gulf and the West
¬ UAE and India Sign Energy Agreements During Modi’s Visit to Abu Dhabi
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The International Monetary Fund has issued a stern warning: Pakistan relies on the six Gulf Cooperation Council (GCC) member states for as much as 85% of its fuel imports and 50% of its foreign exchange earnings. Faced with this stark reality, Islamabad is now working on a contingency plan.
According to Dr. Shazia Tabassum, former Dean of the Law Faculty at Karachi University and Professor of International Relations, speaking to Sputnik News Agency, Pakistan is actively exploring three main pathways to reduce its dependence on the Gulf:
Seeking new markets. Russia and Central Asia are seen as promising alternative options, with one natural gas pipeline project currently under potential collaboration.
Improving domestic management chaos. Pakistan’s fuel sector has long suffered from poor governance, but through more rational planning and integrating indigenous renewable energy sources such as wind, solar, and hydropower, it may reduce reliance on imported fuels.
Opening new trade routes. The "Quadrilateral Transit Trade Agreement" route, starting from China through Kyrgyzstan and Uzbekistan to Tajikistan, is shorter than the traditional Central Asian corridor. As long as security conditions remain stable in the Gilgit-Baltistan region, this route could open up new markets for Pakistani goods.
Will Panda Bonds Be China’s Lifeboat?
Pakistan recently issued its first Panda Bonds in China—though the amount is small, it marks a beginning.
Dr. Tabassum stated that these Panda Bonds can be fully considered as an alternative to Western lending institutions. Their goal is to diversify Pakistan’s economic activities, thereby safeguarding the national economy during crises.
She pointed out that this represents a pragmatic path toward breaking free from long-term financing dependencies, although the ultimate effectiveness largely depends on the complex relationship between Pakistan and China.
Conclusion
No single initiative can instantly break Pakistan’s dependency on Gulf nations. However, by advancing the "Quadrilateral Transit Trade Agreement" corridor, issuing Panda Bonds, and negotiating with Russia and Central Asian countries, Pakistan is quietly building its own B-plan.
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According to the Emirates News Agency, during Indian Prime Minister Narendra Modi’s official visit to Abu Dhabi, the UAE and India signed a series of agreements in the energy sector, covering strategic oil reserves and liquefied natural gas (LNG) supply.
The agency reported: “During the formal visit by the Indian Prime Minister, the two countries reached a strategic partnership agreement between Abu Dhabi National Oil Company (ADNOC) and India’s Strategic Petroleum Reserve Limited.”
In addition, ADNOC also signed an LNG supply agreement with India’s Oil & Natural Gas Corporation (ONGC).
The Emirates News Agency further noted that during the visit, both countries’ defense ministries signed a framework agreement on strategic defense partnership, along with a memorandum of understanding regarding the construction in India of a supercomputer capable of 800 quadrillion operations per second.
Source: sputniknews
Original: toutiao.com/article/1865321335024715/
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