Pakistan and Saudi Arabia discuss early signing of proposed GCC trade pact

Pakistan and Saudi Arabia discussed early signing and implementation of the proposed Pakistan-Gulf Cooperation Council Free Trade Agreement during a meeting in Islamabad between Commerce Minister Jam Kamal Khan and newly appointed Saudi Ambassador Rajeh Albugamy. Jam Kamal said the agreement would expand market access, bilateral trade and economic engagement.

The minister pointed to opportunities to connect Saudi Arabia’s economic diversification under Vision 2030 with Pakistan’s production and industrial capabilities. He said cooperation could include expanding production, improving product quality, adopting modern technologies and raising industrial competitiveness, helping Pakistani businesses meet Saudi market requirements.

Negotiations on the proposed agreement concluded in September 2023, but it has not been formally signed or implemented. Earlier in October, Deputy Prime Minister Ishaq Dar said it was nearing completion, with approval potentially pending from one GCC member state.

Albugamy highlighted opportunities for regional connectivity and cooperation, particularly in agriculture, and expressed a commitment to continued engagement with the Ministry of Commerce. The two sides agreed to regular coordination and follow-up on bilateral trade, investment and agricultural cooperation.