Recent developments in the economic relations between Pakistan and Saudi Arabia have paved the way for a potential free trade agreement (FTA) between Pakistan and the Gulf Cooperation Council (GCC). After 19 years of pending negotiations, both nations have reportedly reached an agreement on investment modalities, marking a crucial step towards the ratification of the long-awaited FTA.
Caretaker Information Minister Murtaza Solangi highlighted the significance of this development, emphasizing that it would represent the first trade and investment agreement finalized by the GCC in the last 15 years. The successful conclusion of the FTA holds the promise of boosting economic ties between Pakistan and the GCC.
Caretaker Commerce and Industries Minister Gohar Ejaz is actively engaged in talks with Saudi leadership and companies during his delegation’s visit to Saudi Arabia. The focus is on finalizing investment-related aspects of the FTA, viewed as a significant stride in fortifying economic cooperation. Minister Ejaz stressed the importance of the agreement in stimulating trade and investment, foreseeing positive impacts such as job creation and new business opportunities for both Pakistan and the GCC. Overall, these diplomatic efforts underscore the commitment to fostering mutually beneficial economic relations between the two regions.
