Interim Commerce Minister Gohar Ejaz and GCC Secretary General Jassim Mohammed Al-Budaiwi sign the joint statement marking the final round of negotiations on the Pakistan-GCC Free Trade Agreement in Riyadh, Saudi Arabia on Friday.
Pakistan and the Gulf Cooperation Council (GCC) have concluded the final round of negotiations and inked a preliminary deal on a free trade agreement (FTA) in Riyadh, Saudi Arabia, it emerged on Friday
Pakistan and the GCC finalised the FTA on Thursday after the final round of talks was held from September 26-28, 2023 at the GCC headquarters in Riyadh, according to a press release issued by the Ministry of Commerce today.
Pakistan and Gulf Cooperation Council (GCC) finalise the Free Trade Agreement. Federal Minister for Commerce Dr. Ejaz and Secretary General GCC signed the joint statement.#Pakistan #GCC #FTA #Growth #Prosperity pic.twitter.com/7GKfzLQ1lH
— Ministry of Commerce (MOC) (@mincompk) September 29, 2023
Interim Commerce Minister Gohar Ejaz and GCC Secretary General Jassem Mohamed Albudaiwi signed the joint statement.
“Both parties looked forward to the expeditious signing, ratification, and implementation of the agreement, which will mark a new chapter in the economic relations between our parties,” the statement reads.
It will be followed by an internal administrative and approval process before the signing and entry into force of the agreement.
The GCC secretary general said the preliminary deal was a “recognition of the importance of strengthening trade relations and economic cooperation with countries and international blocs”, according to the Saudi Press Agency.جانب من توقيع معالي الأمين العام لـ #مجلس_التعاون ، ومعالي وزير التجارة في جمهورية #باكستان الإسلامية اتفاقية الأحرف الأولى للتجارة الحرة بين مجلس التعاون وجمهورية باكستان الإسلامية.#مجلس_التعاون#باكستان pic.twitter.com/aiRWNSRitN
— مجلس التعاون (@GCCSG) September 29, 2023
He noted that the “historic economic agreement” represented an “important turning point” in cooperation between the two sides and would contribute to growth and prosperity in a way that “serves the common interests of both sides, as it emphasises the vital importance of close cooperation between countries to strengthen economic relations”.
HE the GCCSG: The Preliminary FTA between the Council and the Islamic Republic of #Pakistan Comes in Recognition of the Importance of Strengthening Trade Relations and Economic Cooperation with Countries and International Blocs.https://t.co/m9hMFWbcwK#GCC#Pakistan
— مجلس التعاون (@GCCSG) September 28, 2023
Ejaz said it was a “significant development” since the FTA is the GCC’s first with any country since 2009 and marks a milestone in both sides’ economic cooperation.
“We have excellent relations with all the countries of the GCC, and this FTA will ensure that our economic ties are commensurate with these excellent relations,” the commerce minister said.
Pakistan has been seeking an FTA with the GCC since at least 2005.I am happy to announce that we have concluded the negotiations with the Gulf Cooperation Council (GCC) for finalising the Pakistan-GCC Free Trade Agreement (FTA) at Riyadh.
— Dr Gohar Ejaz (@Gohar_Ejaz1) September 29, 2023
The FTA has been the first by GCC with any country since 2009. We have excellent relations with all the… pic.twitter.com/qXgiABKNMK
In January last year, the two sides finalised the Joint Action Plan for Strategic Dialogue (2022-26).
The plan, in line with a memorandum of understanding on strategic dialogue, provided for an institutional approach to deepen cooperation in various fields, including political, security, trade and investment, agricultural and food security, transportation, energy, environment, health, culture and education.