Pakistan and Saudi Arabia have agreed to launch a new framework for economic cooperation, marking a major step toward deepening bilateral trade and investment ties.
The agreement was announced in a joint statement following a high-level meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in Riyadh.
According to the joint statement, both leaders reaffirmed their commitment to strengthening economic, trade, and investment relations, describing the initiative as a new dimension of strategic partnership between the two brotherly nations.
Focus on trade, energy, private sector growth
Under the new framework, Pakistan and Saudi Arabia will promote joint projects in a range of priority sectors, including energy, industry, mining, information technology, tourism, agriculture, and food security.
The framework aims to expand the role of the private sector, boost trade exchanges, and support the implementation of development and infrastructure projects in both countries. Both countries reiterated their commitment that this new framework will lay the foundation for a sustainable economic partnership.
Strengthening existing economic partnerships
Pakistan and Saudi Arabia are already collaborating on several strategic economic and energy projects, including power transmission and renewable energy initiatives. A memorandum of understanding (MoU) for cooperation in the energy sector, including power transmission, was recently signed, further solidifying the two nations’ economic ties.
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The joint statement emphasized that this framework is rooted in common economic interests and will serve as the foundation for a durable and mutually beneficial partnership. It also highlighted that the plan represents a manifestation of shared aspirations for prosperity, development, and the advancement of mutual interests.
Looking ahead: Supreme Coordination Council meeting
Both leaders expressed optimism about the upcoming meeting of the Saudi-Pakistani Supreme Coordination Council, expected to be held soon and play a vital role in implementing the framework and aligning major projects.
The statement described the initiative as a symbol of the enduring brotherly relationship between Pakistan and Saudi Arabia, reaffirming their shared commitment to economic progress, regional cooperation, and sustainable development.
