ISLAMABAD: Pakistan is set to officially recommend to Saudi Arabia for thecommencement of a dialogue on preferential trade agreement (PTA) to boostbilateral investment and trade.
The recommendation is set to be put forth alongside other issues during thevisit of Saudi Crown Prince Mohammad Bin Salman to Pakistan, reports *Dawn.*
The Saudi Crown Prince is set to arrive along with his entourage onFebruary 16th which will be accompanied by a high-powered businessdelegation.
According to official sources, the PTA will envelop tariff and non-tariffbarriers (NTBs) which will aid Pakistan in diversifying its exportportfolio to Saudi Arabia.
There has been a complete stalemate since 2006 regarding negotiations onthe proposed free trade agreement (FTA) with the Gulf Cooperation Council(GCC).
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Till now, only two rounds of talks have been held regarding it andofficials say this issue will be raised during the crown prince’s visit.
In the past few years, Pakistan’s bilateral trade with Saudi Arabia hasdeclined from $5.08 billion in 2013-14 to $2.5 billion in 2016-17.
