Pakistan ceremoniously inked free trade agreement with GCC countries

October 1, 2023

By The South Asia Times

ISLAMABAD - In a historic move, Pakistan ceremoniously inked a Free Trade Agreement (FTA) with Gulf Cooperation Council.

In a statement, caretaker Commerce Minister, Dr. Gohar Ejaz called it a “a historic moment, “ and said ceremoniously inked on the 12th of Rabiʽ al-Awwal, a day of great significance, at the GCC Headquarters in Riyadh.

“This ushers in a promising era for trade and economic relations between Pakistan and the GCC member states,” he said.

Ejaz, expressed heartfelt gratitude to Dr. Majid bin Abdullah Al-Qasabi, the Minister of Commerce and Chairman of the General Authority for Foreign Trade of Saudi Arabia.

He added that this moment marks a significant step towards elevating trade relations to match the outstanding brotherly ties that exist between the two parties.

“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.

“This holistic approach is poised to stimulate economic growth and activity throughout the region, ultimately resulting in job creation and an enhanced standard of living for the people of both regions,” said Pakistani minister.

With negotiations now successfully concluded, the internal processes for signing, ratification, and swift implementation of the FTA are set to commence.

“This expedited approach aims to ensure that both parties swiftly reap the benefits of this historic agreement,” Ejaz said.