“Productive discussions in Riyadh as we work to finalize the GCC investment-related part of the FTA,” the minister said
- ‘Productive talks’ in Saudi Arabia, says trade minister.
- Ejaz says the agreement will strengthen Pakistan-GSR economic ties.
- Pakistan and Saudi Arabia have reached a consensus on investment modalities, says Solangi.
ISLAMABAD: Pakistan and Saudi Arabia have reached a consensus on investment details, paving the way for the ratification of a long-awaited free trade agreement (FTA) with the Gulf Cooperation Council (GCC) — a development that has been pending for 19 years, confirmed the Sunday Information Minister Murtaza Solangi.
Taking to X – formerly known as Twitter – the minister said: “If approved, this will mark the first trade and investment agreement the GCC has entered into with any country in 15 years.”
The delegation led by the Minister of Trade and Industries Dr.
Sharing details of the meetings in the kingdom on his X handle, the commerce minister said: “Productive discussions in Saudi Arabia as we work to finalize the investment-related part of the GCC Free Trade Agreement.”
The minister was confident that this agreement will strengthen economic ties between Pakistan and the GCC, fostering new opportunities for trade and investment.
According to a statement issued by the ministry, the technical teams of the two sides had extensive discussions on the remaining details of the capital investment, including investment protection and facilitation.
They also discussed the potential impact of the FTA on bilateral trade and investment flows.
“This is an important step forward in our efforts to strengthen economic ties between Pakistan and the GCC.” Ejaz said.
The investment chapter is an important part of the agreement and we are confident that we can reach an agreement soon, the minister said.
The GCC FTA is expected to boost trade and investment between Pakistan and the GCC. The deal is also expected to create new jobs and business opportunities in both regions.
The two sides also discussed the possibility of holding a joint business forum soon and promoting trade and investment between Pakistan and the GCC.
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