GCC, Pakistan forge closer economic ties with preliminary free trade agreement

The Gulf Cooperation Council (GCC) and Pakistan have inked a preliminary free trade agreement (FTA), marking a pivotal moment in regional cooperation.

Jasem AlBudaiwi, Secretary-General of the GCC, made the momentous announcement during the signing ceremony, highlighting the GCC’s unwavering commitment to fortify trade ties with Pakistan and other international partners.

The signing ceremony, held at the GCC General Secretariat in Riyadh, saw AlBudaiwi sign the agreement on behalf of the GCC, while Pakistan was represented by Commerce Minister Dr. Gohar Ejaz.

This groundbreaking agreement underscores the dedication of both parties to foster economic collaboration. AlBudaiwi, in his statement, emphasized the historical significance of the accord, deeming it a transformative step towards growth and prosperity, aligning with the shared interests of the GCC and Pakistan.

AlBudaiwi also shed light on the forward-looking approach of GCC nations, confirming ongoing free trade negotiations with various countries. The overarching goal is to unlock fresh opportunities and bolster economic cooperation, benefiting the council’s member states on regional and global fronts.

Saudi Commerce Minister and Chairman of the General Authority for Foreign Trade, Dr. Majid Al-Qasabi, affirmed that the preliminary free trade agreement would significantly enhance bilateral trade and economic cooperation between the Gulf countries and Pakistan. The agreement aims to eliminate trade barriers, facilitating the flow of goods and services between these nations.

Emphasizing the deep historical ties, Al-Qasabi expressed his conviction that this accord would further advance economic relations with Pakistan.

The comprehensive agreement seeks to streamline the exchange of goods and services between the GCC nations and Pakistan by reducing customs duties, opening up service access, and promoting and safeguarding investments.

Comprising 14 chapters, the agreement encompasses various areas including Goods, Services, Investment, E-commerce, Customs Procedures, Dispute Settlement, Competition, Trade Remedies, Intellectual Property, and Small and Medium Enterprises.

The Saudi negotiating team, led by the General Authority for Foreign Trade, maintains a proactive role in supervising and monitoring trade negotiations to ensure alignment with the Kingdom’s trade objectives. The team collaborates closely with countries sharing similar trade interests on the international stage, cementing Saudi Arabia’s commitment to fostering global economic collaboration.