There has been significant progress in the field of investment between Pakistan and Saudi Arabia.
The path for signing of a free trade agreement (FTA) between Pakistan and the Gulf Cooperation Council (GCC) has been paved.
Caretaker Information Minister Murtaza Solangi says that Pakistan and Saudi Arabia have agreed on the modalities of the investment, which paves the way for ratification of the free trade agreement with the Gulf Cooperation Council.
Pakistan and Saudi Arabia have reached a consensus on the investment modalities, paving the path for the ratification of a much-awaited free trade agreement with the Gulf Cooperation Council, a development that has been pending for the last 19 years.— Murtaza Solangi (@murtazasolangi) December 3, 2023
If approved, this will mark…
It should be remembered that the free trade agreement between Pakistan and the Gulf Cooperation Council was pending for 19 years. This would be the first trade and investment agreement concluded by the GCC with any country in the last 15 years, said Solangi in a post on his X account.
Meanwhile, caretaker Commerce and Industries Minister Gohar Ejaz is currently in Saudi Arabia to hold talks with the leadership and Saudi companies about strengthening bilateral cooperation in trade and investment. The minister is leading a delegation to finalise the investment-related part of the Gulf Cooperation Council FTA.
In a statement, the minister said it would be a major step forward in the government's efforts to strengthen economic ties with the GCC. He said investment was an important part of the agreement and expressed confidence that it would be reached soon.
Productive discussions in Saudi Arabia as we work towards finalizing the investment-related part of the GCC Free Trade Agreement. Confident that this agreement will strengthen economic ties between Pakistan and the GCC, fostering new opportunities for trade and investment.… pic.twitter.com/oKIUDppwum— Dr Gohar Ejaz (@Gohar_Ejaz1) December 2, 2023
The FTA is expected to boost trade and investment between Pakistan and the GCC. It is also expected to create new jobs and opportunities for businesses in both regions.