Ushering in a new era for trade and economic relations, the Pakistan-Gulf Cooperation Council Free Trade Agreement (Pak-GCC FTA) was ceremoniously inked on Friday, the 12th of Rabiʽ al-Awwal, a day of great significance, at the GCC Headquarters in Riyadh, according to the Ministry of Commerce.
Commerce Minister, Gohar Ejaz, expressed heartfelt gratitude to Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the General Authority for Foreign Trade of Saudi Arabia “This FTA has been the first by the GCC with any country since 2009. 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,” remarked Ejaz.
This FTA represents the most comprehensive and contemporary trade agreement that Pakistan has ever signed with any nation. It encompasses not only trade in goods but also extends to trade in services, including digital trade, intellectual property rights, tourism, standards, and investment, reads the statement.
With negotiations now successfully concluded, the internal processes for signing, ratification, and swift implementation of the FTA are set to commence, said the statement.
Published in The Express Tribune, October 1st, 2023.
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