In a significant diplomatic development, Pakistan and the Gulf Cooperation Council (GCC) have successfully wrapped up their conclusive round of negotiations, culminating in the signing of a preliminary free trade agreement (FTA) in Riyadh, Saudi Arabia. This revelation emerged on Friday, marking a pivotal moment in the economic relations between the two entities.
The FTA, which was finalized on Thursday following extensive negotiations held from September 26 to 28, 2023, at the GCC headquarters in Riyadh, was officially announced through a press release by Pakistan’s Ministry of Commerce.
The joint statement was endorsed by Pakistan’s Interim Commerce Minister, Gohar Ejaz, and GCC Secretary General, Jassem Mohamed Albudaiwi. It expressed both parties’ eager anticipation of the forthcoming signing, ratification, and implementation of the agreement, heralding a new era in their economic ties.
Before the agreement takes effect, an internal administrative and approval process must be navigated. The preliminary deal represents a mutual recognition of the vital role of enhancing trade relations and economic collaboration with nations and international alliances, according to the GCC secretary general. He emphasized that this “historic economic agreement” signifies a significant turning point in the cooperation between the two sides, promising to foster growth and prosperity that serves their shared interests. It underscores the critical importance of close cooperation between nations to fortify economic relations.
Commerce Minister Ejaz hailed this development as a “significant milestone,” particularly noteworthy because it marks the GCC’s first FTA with any country since 2009. He underscored Pakistan’s excellent relations with all GCC nations and emphasized that the FTA would ensure that economic ties align with these exceptional diplomatic relations.
Pakistan’s pursuit of an FTA with the GCC dates back to at least 2005, reflecting the country’s longstanding endeavor to strengthen economic bonds with the Gulf nations.
In January of the previous year, both parties had finalized the Joint Action Plan for Strategic Dialogue (2022-26), aligning with a memorandum of understanding on strategic dialogue. This comprehensive plan outlines an institutionalized approach to deepen cooperation across various domains, encompassing political, security, trade and investment, agricultural and food security, transportation, energy, environment, health, culture, and education. This multifaceted collaboration is poised to further solidify the partnership between Pakistan and the GCC, cementing their strategic alliance in the years to come.
By AFP
