[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]ISLAMABAD – Pakistan and the Gulf Cooperation Council (GCC) countries have continued trade discussions, primarily focusing on oil and gas. The interim Caretaker Commerce Minister, Gohar Ejaz, visited the Kingdom of Saudi Arabia to finalize the investment-related aspect of the proposed free trade agreement (FTA).
As Pakistan moves closer to securing the deal, this development is expected to enhance trade between the two sides, resolving a matter pending for over a decade. The information minister of the country referred to it as a significant advancement in Islamabad’s efforts to strengthen economic ties with the Gulf states. He emphasized the importance of the investment component in the agreement and expressed confidence in its imminent conclusion.
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The anticipated free trade agreement is poised to provide a substantial boost to trade, investment, and the creation of new jobs and opportunities for businesses. Earlier this year, Pakistan agreed on an FTA with the GCC, but the signing was delayed as Riyadh insisted on incorporating an investment chapter into the agreement.
Currently, Islamabad holds international negotiation agreements, including the ICSID, with four other GCC nations. The investment chapter will now apply specifically to investments with Saudi Arabia and Doha.[/vc_column_text][/vc_column][/vc_row]
