Pakistan inches closer to landmark free-trade agreement with Gulf nations
Interim Commerce Minister Gohar Ejaz (centre) holds the final round of discussions with the GCC’s chief negotiator in Riyadh on December 2, 2023. — X/Gohar Ejaz
ISLAMABAD: 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.
In a post on social media platform X, formerly Twitter, the minister said, “If approved, this will mark the first trade and investment agreement that the GCC has entered into with any country in the past 15 years.”
The minister said that Pakistan and Saudi Arabia had 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.
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. 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. – News Agencies / Web Desk
