Commerce and Industries Minister Dr Gohar Ejaz has said that the investment chapter is an important part of a free trade agreement with the Gulf Cooperation Council (GCC), and expressed confidence that the two sides could reach an agreement soon.
He held parleys with the GCC chief negotiator in Riyadh, Saudi Arabia in a bid to finalise the investment-related part of the FTA.
The minister was leading an official delegation comprising secretaries of the Ministry of Commerce and Board of Investment, and officials from the Attorney General Office. Technical teams of the two sides held extensive discussions on remaining details of the investment chapter, including investment protection and facilitation.
They discussed the potential impact of the FTA on bilateral trade and investment flows. “This is a major step forward in our efforts to strengthen economic ties between Pakistan and the GCC,” remarked Ejaz.
“The FTA is expected to boost trade and investment between the two sides. It is also expected to create new jobs and opportunities for businesses in both regions.”
Officials discussed the possibility of holding a joint business forum meeting in the near future to promote trade and investment. Pakistan and the GCC had on September 30, 2023 inked the FTA at the GCC headquarters in Riyadh.
“This moment marks a significant step towards elevating trade relations to match the outstanding brotherly ties that exist between the two sides,” said Ejaz on the occasion. “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, and investment. This approach is poised to stimulate economic growth and activity throughout the region, resulting in job creation and enhanced standard of living for the people of both regions. (With additional input from APP)
Published in The Express Tribune, December 3rd, 2023.
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