Pakistan, Saudi discuss early GCC FTA signing

Commerce minister, Saudi envoy also take up Vision 2030 tie-up, agri and regional connectivity

ISLAMABAD:

Pakistan and Saudi Arabia have discussed early signing and implementation of the Pakistan-Gulf Cooperation Council (GCC) Free Trade Agreement, with Federal Minister for Commerce Jam Kamal Khan saying it would enhance market access, expand bilateral trade and strengthen economic engagement.

He raised the agreement at a meeting with the newly appointed Saudi Ambassador to Pakistan, Dr Rajeh Albugamy, in Islamabad, according to a statement issued on Saturday.

The minister said Saudi Arabia's economic diversification under its Vision 2030 and Pakistan's production and industrial capabilities offered considerable opportunities for greater economic integration, highlighting the potential for cooperation in scaling up production, improving product quality, adopting modern technologies and strengthening industrial competitiveness.

He noted that collaboration in these areas could enable Pakistani businesses to better meet the requirements of the Saudi market while creating mutually beneficial economic opportunities.

The minister also underscored the importance of expanding Pakistan's export base and strengthening private-sector partnerships to translate the growing economic engagement into tangible trade outcomes.

He said the government had made sustained efforts over the past three years to strengthen bilateral relations through enhanced government-to-government, business-to-business and people-to-people engagement.

The Saudi ambassador reaffirmed the enduring bonds of brotherhood between the two countries and assured continued support for strengthening bilateral economic relations, highlighting opportunities for enhanced regional connectivity and cooperation, particularly in the agriculture sector.

The Saudi ambassador expressed his commitment to maintaining close engagement with the Ministry of Commerce to facilitate greater bilateral economic cooperation and identify new avenues for mutually beneficial partnerships.

Both sides agreed to maintain regular coordination and follow-up engagement to advance bilateral trade, investment and agricultural cooperation, with the stated objective of translating longstanding friendship into stronger economic ties.

The statement said the two sides discussed strengthening bilateral trade, economic cooperation and investment opportunities between the two countries.