Pakistan and the Gulf Cooperation Council (GCC) have concluded theirultimate round of negotiations and officially signed a preliminaryagreement for a free trade pact in Riyadh, Saudi Arabia.
This development was disclosed on Friday. The finalization of thePakistan-GCC Free Trade Agreement (FTA) took place on Thursday, followingintensive discussions held from September 26-28, 2023, at the GCCheadquarters in Riyadh.
This announcement comes from a press release issued today by the Ministryof Commerce. Interim Commerce Minister Gohar Ejaz and GCC Secretary GeneralJassem Mohamed Albudaiwi jointly signed the official statement.
According to the statement, both parties eagerly anticipate the swiftsigning, ratification, and implementation of the agreement, which is poisedto establish a new era in economic relations between them.
Following this, there will be an internal administrative and approvalprocess before the agreement becomes officially effective. The GCCsecretary general described this preliminary deal as a recognition of thesignificance of strengthening trade ties and economic collaboration withcountries and international alliances.
He emphasized that this historic economic agreement signifies a crucialturning point in cooperation between both sides and will contribute togrowth and prosperity, aligning with their mutual interests.
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It underscores the pivotal role of close cooperation among nations inreinforcing economic relations. Ejaz, the commerce minister, regarded thisas a momentous development, as it marks the GCC’s first FTA with any nationsince 2009.
He emphasized the excellent relations Pakistan holds with all GCC countriesand highlighted that this FTA will ensure that their economic ties alignwith these strong diplomatic relations. Pakistan has been pursuing an FTAwith the GCC since at least 2005.
In January of the previous year, both sides finalized the Joint ActionPlan for Strategic Dialogue (2022-26).
This plan, in accordance with a memorandum of understanding on strategicdialogue, laid the groundwork for a comprehensive approach to deepencooperation across various domains, including political, security, tradeand investment, agriculture and food security, transportation, energy,environment, health, culture, and education.
